Citi Warns Trump's Proposed Credit Card Rate Cap Could Trigger Economic Slowdown

Deep News01-15

Citigroup's Chief Financial Officer, Mark Mason, stated that the bank aims to align with former President Trump's agenda of enhancing payment affordability but does not support his proposal regarding a cap on credit card fees.

Mason, speaking on a call with reporters following Citi's fourth-quarter earnings release on Wednesday, remarked, "An interest rate cap would very likely lead to a significant economic slowdown." He further clarified that while affordability is a critical issue Citigroup wishes to address in collaboration with the government, "frankly, we neither would, nor could, support the proposal for an interest rate cap."

Trump has recently targeted the credit card operations of Wall Street. He announced on Friday that banks must set a cap on credit card interest rates at 10%, with a deadline of January 20. This week, he also called on Congress to support legislation aimed at limiting fees.

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