U.S. Bank Stocks Fall As Investors Weigh Credit Card Rate Cap Deadline
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U.S. bank stocks fell in morning trading in a broader market decline, as investors awaited clarity on whether the Trump admin's Jan. 20 deadline to implement a 10% cap on credit card interest rates will take effect.
Jan 20 (Reuters) - U.S. bank stocks fell in morning trading on Tuesday in a broader market decline, as investors awaited clarity on whether the Trump administration’s January 20 deadline to implement a 10% cap on credit card interest rates will take effect.
The administration has said the proposed cap will improve affordability for everyday consumers, while banks have warned that it could reduce credit availability because they would be unable to adequately price for the risk associated with the unsecured credit card loans.
Trump had called on companies to comply by January 20, but it remains unclear whether the move can be implemented unilaterally without legislation.
JPMorgan Chase shares fell 1.6%. Bank of America and Citigroup fell 1.1% and 2.4%, respectively. Wells Fargo was last down 1.3%.
“For now, it’s an overhang, but that overhang could clear quickly if it’s more a call for Congress to do something instead of some specific policy action by the executive office,” Brian Jacobsen, chief economic strategist at Annex Wealth Management, told Reuters.
Jeff Landry was disinvited from attending a sled dog race as the president continues to threaten the island.
Scott Bessent initially refused to answer, but then bizarrely backtracked in an interview with NBC's Kristen Welker.
The Homeland Security Secretary also accused Gov. Tim Walz and Minneapolis Mayor Jacob Frey of refusing to “protect their own people."
The White House deputy chief of staff's bizarre claim came after a New York Post columnist wrote that “local cops have gone AWOL."
The high court is considering whether President Donald Trump can fire Fed governor Lisa Cook, as he said he would do in late August, in an unprecedented attempt to remove one of the seven members of the Fed's governing board.
President Donald Trump cited his Nobel Peace Prize snub as a justification for his push to acquire Greenland in a letter to Norwegian Prime Minister Jonas Gahr Stoere.
"I no longer feel an obligation to think purely of Peace," the president wrote in an extraordinary message to the Norwegian prime minister.
“It’s literally the end of the world," said comedian Tim Dillon.
It went around in circles.
The Duke of Sussex is the lead litigant in a case full of high-profile plaintiffs who accuse the publisher of the Daily Mail of invading their privacy.
The newspaper's conservative editorial board pointed out the "sad irony" of the president's bid to seize the island.
A protester let the president know exactly how he feels about U.S. efforts to take Greenland.
“CBS News leadership has always been committed to airing the 60 MINUTES CECOT piece as soon as it was ready,” a spokesperson said.