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Federal Reserve Board Chair Jerome H. Powell accused the Justice Department of using the investigation to pressure the central bank to lower interest rates.
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A 10% cap on interest rates could mean a big hit to earnings at companies like Capital One and Synchrony. But a Jefferies analyst says it's "highly unlikely" that Trump gets his way.
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A 10% rate cap would make large swaths of the credit card industry unprofitable, especially tied to customers with less-than-ideal credit, banks say.
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Banks including Citi, JPMorgan slide after Trump calls for credit card interest rate limit CNBCShares in US credit card issuers slide after Trump calls for 10% rate cap Financial TimesEuropean shares slip from peak as Trump's credit card fee cap plan rattles banks ReutersTrump Says Credit Card Firms Violate Law If Rates Not Capped Bloomberg.com
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