Trump To Slash Credit Card Interest Rate Fee Income And The Banks Really Aren’t Happy About It
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Surprise surporuise
Ronald McPresident Trump has announced his plan to cap credit card interest rates and heads of America’s top banks have spoken out against the plan. But like, yeah, of course they have, what, is this seriously news?
“Senior executives for the nation’s four largest banks — JPMorgan Chase (JPM), Citigroup (C), Bank of America (BAC), and Wells Fargo (WFC) — all said they agree that affordability is an issue, but that limiting credit card interest rates isn’t the right approach to solve it.”
During a call with reporters, Citigroup’s CFO Mark Mason said that “An interest rate cap is not something that we would or could support, frankly [and would] likely result in a significant slowdown in the economy. Affordability is clearly an important issue and one that we look forward to collaborating with the administration on.”
But like, why would it slow down the economy?
Look, I’m a writer for wall street memes dot com, I don’t know dick about economics but if I had to guess I’d say a cap in how much the banks can earn off poor people’s debt is a good thing, no?
It’s OK, here’s Bank of America CEO Brian Moynihan to explain, “If you bring the caps down, you’re going to get restricted credit, meaning less people will get credit cards, and the balance available to them on those credit cards will also be restricted. And so you have to balance that against what you’re trying to achieve on affordability.”
Again, err, I’m still not seeing how that’s a bad thing? That sounds bad for the banks an no one else. Am I missing something here? Like, why would that restrict the credit? Don’t you set the credit rates? I don’t understand. Someone explain this to me.
Is this all because all your banks have dipped like 7% on the stock market after this announcement, is that it? Because it feels like that might be connected…
Let’s see how this story plays out and whether Trump will even follow through on this plan. Until then check out more of this insightful coverage for all you financial news.
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