Banks are knocking President Donald Trump's bid to cap credit card rates.
Credit card stocks are slumping this week after President Trump took aim at the industry, saying it "ripped off" U.S. consumers with high interest rates and swipe fees.
Scott Siefers, Piper Sandler, joins 'Closing Bell Overtime' to talk Big Bank earnings including JPMorgan Chase kicking off earnings season with its quarterly report.
JPMorgan CFO Jeremy Barnum warned that President Trump's proposed 10% credit card interest rate cap could hurt the economy and reduce access to credit for consumers who need it most.
President Trump's proposed 10% credit card interest rate cap could eliminate access for 175 million to 190 million cardholders, with lower and middle income consumers hit hardest.
A proposed cap on credit card interest rates will hurt U.S. consumers and the economy, JPMorgan Chase Chief Financial Officer Jeremy Barnum said on Tuesday.
American Express (AXP) closed at $359.59 in the latest trading session, marking a -4.27% move from the prior day.
On the surface, a 10% cap on APRs could mean a big hit to credit-card companies' earnings. But a Jefferies analyst thinks it's “highly unlikely” that Trump gets his way.
The latest trading day saw American Express (AXP) settling at $379.8, representing a +1.9% change from its previous close.
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American Express (AXP) closed the most recent trading day at $375.61, moving 1.35% from the previous trading session.
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