U.S. Bancorp CEO Warns of Negative Impact from Trump's Proposed Credit Card Rate Cap.

US Bancorp CEO Gunjan Kedia warned that a proposed 10% cap on credit card interest rates would significantly impact clients and the broader economy. The bank estimates that 90% of its clients would be negatively affected, with 50% experiencing a "crushing" impact. Kedia suggested that the conversation around the rate cap has shifted towards exploring options to help customers in the short term, including financial education initiatives. The proposed Credit Card Competition Act would be "very costly" for small merchants and not achieve its intended goal.