News Brief: Trump’s Proposed Credit Card Rate Cap Sends Shockwaves
Summary
Former President Donald Trump’s proposal to cap credit card interest rates at 10% for one year has triggered a sharp sell-off in financial stocks and sparked warnings from the banking industry about severe unintended consequences for consumers and the economy.
Key Points
- Market Reaction: Shares of major banks (Citi, JPMorgan, Wells Fargo, BofA) and card networks (Visa, Mastercard, Amex) fell 1-7%. Capital One, heavily reliant on card loans, dropped nearly 7%.
- Industry Warning: Banks argue a 10% cap would make much of the card business unprofitable, forcing them to cut off subprime borrowers, scale back rewards programs, and reduce credit access.
- Consumer Impact: Analysts warn reduced credit access could lead to less consumer spending, hurting retailers and airlines, and potentially push borrowers toward even higher-cost debt.
- Enforcement Uncertainty: It is unclear how Trump could enforce such a cap by the proposed Jan. 20 start date, with legislative action seen as impossible in that timeframe.
- Historical Context: A similar bill to cap rates at 10% for five years, introduced by Senators Hawley and Sanders, is stalled in Congress. A study suggested such a cap would cut off over 80% of card accounts.
新闻简报：特朗普提议信用卡利率上限引发市场震荡
摘要
美国前总统特朗普提议将信用卡利率上限定为10%，为期一年。此举导致金融股大幅下跌，银行业警告称，这将给消费者和经济带来严重的意外后果。
关键点
- 市场反应：主要银行（花旗、摩根大通、富国、美银）和卡组织（Visa、万事达、美国运通）股价下跌1-7%。严重依赖信用卡贷款的第一资本金融公司股价暴跌近7%。
- 行业警告：银行业表示，10%的上限将使大部分信用卡业务无利可图，迫使他们切断对次级借款人的信贷、缩减奖励计划并减少信贷供应。
- 对消费者的影响：分析师警告，信贷减少可能导致消费者支出下降，损害零售商和航空公司，并可能迫使借款人转向成本更高的债务。
- 执行不确定性：目前尚不清楚特朗普如何能在提议的1月20日生效日期前执行该上限，立法途径在该时间框架内被认为是不可能的。
- 历史背景：参议员霍利和桑德斯提出的一项类似法案（将利率上限设定为10%，为期五年）已在国会搁置。一项研究表明，此类上限将导致超过80%的信用卡账户无法获得信贷。
Original Article Link: https://www.cnbc.com/2026/01/12/trump-credit-card-rate-cap-enforcement-path-risks.html