Trump's Proposed Credit Card Rate Cap Sparks Concern Among Big Banks

Big US banks' stocks dropped 5-7% after earnings, with President Trump's proposed 10% credit card interest rate cap being a major negative catalyst for the industry. The topic dominated Q4 conference calls, with banks raising red flags about the proposal's potential impact on their business. The cap would reduce interest collection and swipe fees, affecting banks like JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Capital One.