Banks and Finance Stocks Plummet Following Trump's Credit Card Interest Rate Cap Proposal
ByAinvest
Monday, Jan 12, 2026 4:54 am ET1min read
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US President Donald Trump called for a one-year cap on credit card interest rates at 10%, sparking a slide in banks and financial services stocks. Citi Group lost 4%, JPMorgan Chase fell 3%, Bank of America declined 2.45%, Visa dropped 1.58%, and Mastercard was down 2%. Wells Fargo lost 2% and PayPal dipped 0.26%. Trump's proposal aims to curb high interest rates and protect consumers from being "ripped off" by credit card companies.
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