Summary
Wall Street executives have warned President Donald Trump about his recent proposals affecting the Federal Reserve and credit card industry. They believe these actions could harm the economy, even though they have generally supported his administration's policies in the past.
Key Facts
- President Trump has signed a bill that reduced the budget of the Consumer Financial Protection Bureau.
- The administration has been promoting policies to reduce regulations, which banks like.
- Trump proposed a 10% cap on the interest rate for credit cards for one year.
- Credit card interest rates are a significant source of profit for banks.
- The Department of Justice is investigating Federal Reserve Chair Jerome Powell.
- Bank CEOs are concerned about political influence on the Federal Reserve's decisions.
- Executives have expressed concern that Trump's actions could negatively impact the U.S. economy.
