More top Wall Street bankers blast Trumps proposal to cap interest on credit card payments

Bank of America CEO Brian Moynihan hit back at President Trump’s proposal to slap a 10% cap on credit card interest rates for a year, becoming the latest Wall Street banker to warn that the policy could choke off credit access for millions and hurt the ordinary Americans it is supposed to help.“We’re all in for affordability,” Moynihan declared Wednesday during his bank’s earnings call — but he cautioned that slashing rates would trigger a credit crunch.“You’re going to get restricted credit, meaning less people will get credit cards, and the balance available to them on those credit cards will also be restricted,” he asserted.Trump’s proposal on a credit card interest rate cap came Friday in a bombshell Truth Social post in which he vowed to crack down on what he called sky-high charges squeezing American wallets.The announcement blindsided the industry, sending banking shares down between 5% and 8% across Wall Street in recent days as investors tried to figure out what the impact would be on US financial giants.Citigroup’s outgoing Chief Financial Officer Mark Mason warned of the proposed cap’s potential “unintended consequences” on regular consumers.“It would have likely derivative impacts on other sectors and industries, and likely result in a significant slowdown in the economy,” he told journalists Wednesday after unveiling the Jane Fraser-led lender’s fourth-quarter results.“I get that the headlines, you know, may have some appeal to some, but it is worth being very thoughtful about what the unintended impacts would be,” Mason added.Mason’s counterpart at Wells Fargo, Mike Santomassimo, said a cap could hurt economic growth and create “a negative impact on credit availability.”“We certainly share concerns about affordability issues that many families are having across the country,” Santomassimo said during a call with reporters on Wednesday.“I think it’s also important that many people need access to credit...