Trump’s 10% credit card rate cap plan hits bank stocks as JPMorgan, Citi slide
U.S. bank stocks fell Monday after President Donald Trump proposed capping credit card interest rates at 10% for one year. JPMorgan Chase dropped 2.5%, Citigroup fell 3.7%, and Bank of America lost 1.6% in early trading. Industry groups warned the cap could restrict credit and raise fees. Trump did not specify how the cap would be enforced.