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Bank stocks fell on Tuesday as investors reacted to the Trump administration’s deadline for a proposed 10% cap on credit card interest rates. The administration argues the cap improves affordability, but banks warn it would restrict credit availability and harm consumers. Citigroup CEO Jane Fraser doubts Congress will approve the cap, citing economic risks, while JPMorgan Chase executives threatened potential legal action. Analysts and banking associations fear the move would reduce rewards programs and limit access to credit for millions of Americans. Consequently, analysts predict a potential compromise, such as voluntary “Trump cards,” may emerge instead of a legislative mandate.
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