Financial services stocks face a Tuesday test as Trump’s 10% credit-card cap deadline nears
NEW YORK, January 19, 2026, 13:33 EST — Market closed Financial services stocks reopened Tuesday amid uncertainty over card lenders. President Donald Trump has proposed capping credit card interest rates at 10% for one year starting Jan. 20, though he didn’t specify how it would be enforced. Banks quickly pushed back, warning that tighter credit could result. JPMorgan Chase CFO Jeremy Barnum said broad price caps would cause people to “lose access to credit.” Currently, average credit card rates hover around 22%, while U.S. card balances hit $1.23 trillion in Q3. A Vanderbilt University study suggests a 10% cap might save consumers $100 billion annually.