Financials
Fall on Trump's Credit Card Rate Cap Plan (Connecting
the Dots: JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Barclays, Federal
Reserve, Jerome Powell, Carlyle Group, Alfalfa Club, MasterCard Incorporated, Visa Inc., Belizean Grove,
Bohemian Club & Soros Funding, All Networking)
Newsmax.com
Monday,
12 January 2026 10:12 AM EST
https://www.newsmax.com/finance/streettalk/financial-stocks-trump/2026/01/12/id/1241778/
U.S.
financial stocks fell Monday and weighed on global indexes as President
Donald Trump's call for a one-year cap on credit card interest rates threatened
a key revenue stream for the industry.
The
move amplified concerns over the sector with investors already grappling with
interest rate uncertainty and will likely dull the potential benefit from
a shift toward value stocks.
Trump
on Friday called for a 10% cap on the interest rate on credit
cards
starting January 20
without providing details on how he planned to make the companies comply.
Shares
of JPMorgan Chase and Bank
of America, the
top two U.S. lenders, dropped 2.5% and 2.4%, respectively, in premarket
trading. Citigroup fell
4.1% while Wells Fargo declined
2.2%.
"This
rate cap would not address the root of the problem and could push consumers
towards more expensive debt. It could push more borrowing away from banks into
other unsecured loans such as pawn shops and other non-bank consumer
lenders," J.P. Morgan analyst Vivek Juneja wrote in a note.
British
bank Barclays' (BARC.L),
opens new tab shares touched their lowest in nearly a month and were last
down 2.7%. The pan-European STOXX 600 (.STOXX), opens new tab index
dipped 0.1%.
U.S.
card operations account for around 11% of Barclays' profits, Hargreaves
Lansdown senior equity analyst Matt Britzman said.
RISKS
TO CREDIT ACCESS
Credit
card lender American Express (AXP.N), opens new tab tumbled 4.3%,
while payment processors Visa (V.N), opens new tab and
Mastercard (MA.N), opens new tab slipped 2% each.
Still,
some analysts said imposing a limit on rates would require legislation and
could exceed presidential authority.
"There
is no executive authority to implement this, and we see this as likely dead on
arrival to the Congress or Senate," analysts at Jefferies wrote in a note.
Shares
of consumer finance firms such as Synchrony Financial (SYF.N), opens new
tab, Bread Financial (BFH.N), opens new tab and Capital
One (COF.N), opens new tab fell between 10% and 11%.
The
planned reduction could also lead lenders to scale back credit for financially
vulnerable borrowers.
"When
companies can't price the risk properly, they'll just reduce credit lines or
cut off access to credit entirely. Buy now pay later firms and payday lenders
might love this proposal," said Brian Jacobsen, chief economic strategist
at Annex Wealth Management.
BNPL
lender Affirm's (AFRM.O), opens new tab shares rose 5%, while
Afterpay-owner Block (XYZ.N), opens new tab added 2.1%.
INVESTORS
AWAIT INDUSTRY RESPONSE
Investors
will closely scrutinize commentary from bank executives, as the industry kicks
off the fourth-quarter earnings season this week.
JPMorgan
is set to report results on Tuesday, followed by Bank of America, Citigroup and
Wells Fargo later in the week.
A 10%
interest rate is well below the national average credit card rate of 21%,
Juneja noted, citing third-quarter data from the Federal
Reserve.
Credit
cards are typically seen as one of the costliest forms of credit. Lenders often
cite their unsecured nature with no collateral as a major reason for high
rates, since they face greater risk if borrowers default.
Previous
federal attempts to cap credit card rates have failed to gain traction.
Connecting
the Dots:
MasterCard Incorporated was a funder for the Bill, Hillary & Chelsea Clinton Foundation.
Barclays plc was a funder for the Bill, Hillary & Chelsea
Clinton Foundation.
Robert E.
Diamond Jr. was the CEO for the Barclays plc and a
director at the Atlantic Council of the United States (think tank).
Open Society Foundations was a funder for the Bill,
Hillary & Chelsea Clinton Foundation and the Atlantic Council
of the United States (think tank).
George Soros is the founder & chairman for the Open
Society Foundations and was the chairman for the Foundation to
Promote Open Society.
Foundation to Promote Open Society was a funder for the Aspen
Institute (think tank).
Julius
Genachowski is a senior fellow at the Aspen Institute (think
tank) and a director at MasterCard Incorporated.
Bloomberg
Family Foundation was a funder for the Aspen Institute (think
tank).
Frederic V. Malek is
a trustee at the Aspen Institute (think tank), the founder &
board member for the American Action Network and a member of
the Alfalfa Club.
Hispanic
Leadership Network is an offshoot of the American Action
Network.
Jeb Bush is an
advisory committee member for the Hispanic Leadership Network, a
director at the Bloomberg Family Foundation, a member of the Alfalfa
Club and an adviser for Barclays plc.
Bloomberg
Family Foundation was a funder for the Aspen Institute (think
tank).
Michael R.
Bloomberg is the founder of the Bloomberg Family Foundation and
a member of the Alfalfa Club.
James Dimon is a
member of the Alfalfa Club and the
chairman & CEO for JPMorgan Chase & Co.
Dianne Feinstein was
a member of the Alfalfa Club, married to Richard C. Blum
and a U.S. Senate senator.
Richard C. Blum was
married to Senator Dianne Feinstein, a board member for the Haas
School of Business and an honorary trustee at the Brookings
Institution (think tank).
Thomas J.
Campbell is the dean for the Haas School of Business and
was a director at Visa Inc.
Suzanne Nora
Johnson is a director at Visa Inc. and a trustee at
the Brookings Institution (think tank).
Foundation to Promote Open Society was a funder for the Brookings
Institution (think tank).
George Soros is the chairman for the Foundation to Promote
Open Society, and the founder for Soros Fund Management.
Soros Fund
Management is a partner with the Silver Lake Kraftwerk Fund.
Silver
Lake Kraftwerk Fund is a fund for Silver Lake.
John A. Swainson was
a senior adviser for Silver Lake and is a director at Visa
Inc.
Mark Schwartz
was the president & CEO for Soros Fund Management, George
Soros’s senior adviser and is a director at MasterCard
Incorporated.
MasterCard
Incorporated was a funder for the Bill, Hillary & Chelsea
Clinton Foundation.
Open Society Foundations was a funder for the Bill,
Hillary & Chelsea Clinton Foundation.
George Soros is the founder & chairman for the Open
Society Foundations, the founder of Soros Fund Management, his senior
adviser was Mark Schwartz and was the chairman for the Foundation
to Promote Open Society.
Foundation to Promote Open Society was a funder for the Aspen
Institute (think tank).
Julius
Genachowski is a senior fellow at the Aspen Institute (think
tank) and a director at MasterCard Incorporated.
Henry A. Kissinger was a lifetime trustee at
the Aspen Institute (think tank) and a member of the Bohemian
Club.
Belizean_Grove is
the equivalent to the male-only social group, the Bohemian Club.
Merit E. Janow is
a member of the Belizean Grove and a director at MasterCard
Incorporated.
Henrietta
Holsman Fore is a member of the Belizean Grove and a
trustee at the Committee for Economic Development.
Julie Daum is
a member of the Belizean Grove and was a trustee at the Committee
for Economic Development.
Davia B. Temin is
a member of the Belizean Grove and was a trustee at the Committee
for Economic Development.
Mary Agnes
Wilderotter is a member of the Belizean Grove and a
trustee at the Committee for Economic Development.
Letitia James is the chair for the Committee
on Economic Development and the Attorney General of New York.
Foundation to Promote Open Society was a funder for the Committee
on Economic Development.
George Soros was
the chairman for the Foundation to Promote Open Society.
Donna S.
Morea was a trustee at the Committee for Economic Development and
the EVP for the CGI Group Inc.
CGI Group
Inc. was the contractor that developed Healthcare.gov web
site for Obamacare.
Obamacare is Barack
Obama’s signature policy initiative.
Barack Obama’s
signature policy initiative is Obamacare, the president for
the Barack Obama administration and an intern at Sidley
Austin LLP.
Michelle Obama was
a lawyer at Sidley Austin LLP.
Sidley Austin
LLP is the lobby firm for MasterCard International
Incorporated.
MasterCard
International Incorporated is a subsidiary of MasterCard
Incorporated.
Cameron F. Kerry is
a senior counsel at Sidley Austin LLP, John F. Kerry’s brother
and a fellow at the Brookings Institution (think tank).
Foundation to Promote Open Society was a funder for the Brookings
Institution (think tank).
George Soros was the chairman for the Foundation to Promote Open Society.
Judith Rodin was an honorary trustee at the Brookings
Institution (think tank) and is a director at Citigroup Inc.
Joan E. Spero was
an honorary trustee at the Brookings Institution (think tank) and
is a director at Citigroup Inc.
Ann Dibble Jordan is
an honorary trustee at the Brookings Institution (think tank) and
was a director at Citigroup Inc.
Charles O.
Prince III was a trustee at the Brookings Institution (think
tank) and the chairman & CEO for Citigroup Inc.
Klaus
Kleinfeld is a trustee at the Brookings Institution (think
tank) and was a director at Citigroup Inc.
Lawrence H.
Summers was a trustee at the Brookings Institution (think
tank) and is a consultant for Citigroup Inc.
Ellen V. Futter is
a trustee at the Brookings Institution (think tank) and a
director at JPMorgan Chase & Co.
Crandall C. Bowles is
a director at JPMorgan Chase & Co and a trustee at
the Brookings Institution (think tank).
Geoffrey T. Boisi was
the vice chairman for JPMorgan Chase & Co and is an
honorary trustee at the Brookings Institution (think tank).
Robert A. Helman was
an honorary trustee at the Brookings Institution (think tank) and is
a partner at Mayer Brown.
Mayer Brown was
the lobby firm for Visa Inc.
Mayer Brown was
the lobby firm for Wells Fargo & Co.
John S. Chen is
a director at Wells Fargo & Co. and a trustee at the Brookings
Institution (think tank).
Wells
Fargo Home Mortgage is a division of Wells Fargo & Co. (Bailout
Company).
Vickee Jordan
Adams is the VP at Wells Fargo Home Mortgage and Vernon
E. Jordan Jr’s daughter.
Vernon E. Jordan
Jr. is Vickee Jordan Adams’s father, an honorary trustee
at the Brookings Institution (think tank)
and was president of the Economic Club of Washington.
Foundation to Promote Open Society was a funder for the Brookings
Institution (think tank).
George Soros was
the chairman for the Foundation to Promote Open Society.
David M.
Rubenstein is the co-chairman for the Brookings Institution
(think tank), the president of the Economic Club of Washington, a
co-founder & co-CEO for the Carlyle Group and Joe Biden
spent Thanksgiving with him.
Edward J. Mathias is
a director at the Economic Club of Washington and is a managing
director at the Carlyle Group.
Jerome H. Powell (Jay) was
a partner at the Carlyle Group and is the Chairman for the Federal
Reserve System.
George H.W. Bush was
an adviser for the Carlyle Group, a member of the Alfalfa
Club and a member of the Bohemian Club.
James Dimon is a
member of the Alfalfa Club and the chairman & CEO for JPMorgan
Chase & Co.
Belizean_Grove is
the equivalent to the male-only social group, the Bohemian Club.
Merit E. Janow is
a member of the Belizean Grove and a director at MasterCard
Incorporated.
Mark Schwartz is
a director at MasterCard Incorporated, was George Soros’s senior
adviser and the president & CEO for Soros Fund Management.
Mayer Brown was
the lobby firm for Visa Inc.
Mayer Brown was
the lobby firm for Wells Fargo & Co.
John S. Chen is
a director at Wells Fargo & Co. and a trustee at the Brookings
Institution (think tank).
Wells
Fargo Home Mortgage is a division of Wells Fargo & Co. (Bailout
Company).
Vickee Jordan
Adams is the VP at Wells Fargo Home Mortgage and Vernon
E. Jordan Jr’s daughter.
Vernon E. Jordan
Jr. is Vickee Jordan Adams’s father, an honorary trustee
at the Brookings Institution (think tank) and was president of
the Economic Club of Washington.
Foundation to Promote Open Society was a funder for the Brookings
Institution (think tank) and the Aspen Institute (think tank).
George Soros was the chairman for the Foundation to Promote
Open Society.
Julius
Genachowski is a senior fellow at the Aspen Institute (think
tank) and a director at MasterCard Incorporated.
Bloomberg
Family Foundation was a funder for the Aspen Institute (think
tank).
Frederic V. Malek is
a trustee at the Aspen Institute (think tank), the founder &
board member for the American Action Network and a member of
the Alfalfa Club.
Hispanic
Leadership Network is an offshoot of the American Action
Network.
Jeb Bush is an
advisory committee member for the Hispanic Leadership Network, a
director at the Bloomberg Family Foundation, a member of the Alfalfa
Club and an adviser for Barclays plc.
Bloomberg
Family Foundation was a funder for the Aspen Institute (think
tank).
Michael R.
Bloomberg is the founder of the Bloomberg Family Foundation and
a member of the Alfalfa Club.
James Dimon is a
member of the Alfalfa Club and the chairman & CEO for JPMorgan
Chase & Co.
Dianne Feinstein was
a member of the Alfalfa Club, married to Richard C. Blum
and a U.S. Senate senator.
Richard C. Blum was
married to Senator Dianne Feinstein, a board member for the Haas
School of Business and an honorary trustee at the Brookings
Institution (think tank).
Thomas J.
Campbell is the dean for the Haas School of Business and
was a director at Visa Inc.
Suzanne Nora
Johnson is a director at Visa Inc. and a trustee at
the Brookings Institution (think tank).
Foundation to Promote Open Society was a funder for the Brookings
Institution (think tank).
George Soros is the chairman for the Foundation to
Promote Open Society, and the founder for Soros Fund Management.
Soros Fund
Management is a partner with the Silver Lake Kraftwerk Fund.
Silver
Lake Kraftwerk Fund is a fund for Silver Lake.
John A. Swainson was
a senior adviser for Silver Lake and is a director at Visa
Inc.
Mark Schwartz
was the president & CEO for Soros Fund Management, George
Soros’s senior adviser and is a director at MasterCard
Incorporated.
MasterCard
Incorporated was a funder for the Bill, Hillary & Chelsea
Clinton Foundation.
Open Society Foundations was a funder for the Bill,
Hillary & Chelsea Clinton Foundation.
George Soros is the founder & chairman for the Open
Society Foundations, the founder of Soros Fund Management and
his senior adviser was Mark Schwartz.
Resources:
Past Research
Mastercard
to Buy Crypto Firm Zerohash for $2B (Connecting the Dots: Mastercard, Mark
Schwartz, The Soros Fund Management, Jerome Powell, Belizean Grove, Letitia
James, The Committee for Economic Development & Soros Funding, All
Networking) (Past Research on Mastercard)
Wednesday,
October 29, 2025
https://thesteadydrip.blogspot.com/2025/10/mastercard-to-buy-crypto-firm-zerohash.html
Trump:
Jamie Dimon Won't Be Invited to Join Admin (Connecting the Dots: JPMorgan
Chase, Jamie Dimon, The Alfalfa Club & Soros Funding, All Networking) (Past Research on JPMorgan Chase & Jamie Dimon)
Thursday,
November 14, 2024
https://thesteadydrip.blogspot.com/2024/11/trump-jamie-dimon-wont-be-invited-to.html
Bank
of America Reaches $17 Billion Mortgage Settlement with US (Past Research on Bank of America & Citigroup Inc)
Friday,
August 22, 2014
https://thesteadydrip.blogspot.com/2014/08/bank-of-america-reaches-17-billion.html
Wells
Fargo CEO Confident in Regulatory Fixes (Connecting the Dots: Wells Fargo,
Barack Obama administration, Vickee Jordan Adams, William M. Daley (Bill
Daley), Mayer Brown & Soros Funding, All Networking) (Past Research on Wells Fargo)
Wednesday,
December 11, 2024
https://thesteadydrip.blogspot.com/2024/12/wells-fargo-ceo-confident-in-regulatory.html
Charlie
Gasparino Calls Out Jeb! on Lehman Millions (Past
Research on Barclays plc)
Sunday,
July 5, 2015
https://thesteadydrip.blogspot.com/2015/07/charlie-gasparino-calls-out-jeb-on.html
Visa
Inc. (Past Research on Visa)
Sunday,
November 3, 2013
https://thesteadydrip.blogspot.com/2013/11/visa-inc.html
Equifax
data breach: What you need to know (Past Research
on the Belizean Grove)
Monday,
September 11, 2017
https://thesteadydrip.blogspot.com/2017/09/equifax-data-breach-what-you-need-to.html
Hours
After John Kerry Demands Green Transition Accelerated – His Emissions Closet
Swings Wide Open (Connecting the Dots: Cameron Kerry, John Kerry, Teresa Heinz
Kerry, Soros, the Climate Reality Project, the Brookings Institution (think
tank), the EPA and onto the FDA, Pfizer & Johnson & Johnson. It’s the
Network That Never Ends. One Project (Climate Change) Just bleeds into the Next
(Covid Project)) (Past Research on Cameron Kerry)
Thursday,
July 21, 2022
https://thesteadydrip.blogspot.com/2022/07/hours-after-john-kerry-demands-green.html
New
York AG James Says Mortgage Fraud Allegations Are Baseless (Connecting the
Dots: Letitia James, Howard University, The Committee on Economic Development
Fannie Mae, Freddie Mac & Soros Funding, All Networking) (Past Research on Letitia James & the Committee on
Economic Development)
Friday,
April 18, 2025
https://thesteadydrip.blogspot.com/2025/04/new-york-ag-james-says-mortgage-fraud.html
Columbia
Journalism Review (Connecting the Dots: The Columbia University Graduate School
of Journalism, The Columbia Journalism Review (CJR), Alice Rogoff Rubenstein
& Her Husband David Rubenstein, The Carlyle Group, Jerome Powell, The
Federal Reserve & Soros Funding, All Networking) (Past
Research on the Carlyle Group & Jerome Powell)
Thursday,
August 7, 2025
https://thesteadydrip.blogspot.com/2025/08/columbia-journalism-review-connecting.html
Bloomberg:
The 5 Most Likely Candidates to Replace Janet Yellen to Lead the Fed (Past Research on the Carlyle Group)
Sunday,
July 16, 2017
https://thesteadydrip.blogspot.com/2017/07/bloomberg-5-most-likely-candidates-to.html
Justice
Roberts: O'Connor Blazed Historic Trail (Connecting the Dots: John Roberts,
Sandra Day O'Connor, U.S. Supreme Court, Phi Beta Kappa Society, The Alfalfa
Club, The Belizean Grove, The Bohemian Club, The Smithsonian Institution &
Soros Funding, All Networking) (Past Research on
the Alfalfa Club & the Bohemian Club)
Saturday,
December 2, 2023
https://thesteadydrip.blogspot.com/2023/12/justice-roberts-oconnor-blazed-historic.html
No comments:
Post a Comment