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A 10% cap on interest rates could mean a big hit to earnings at companies like Capital One and Synchrony. But a Jefferies analyst says it's "highly unlikely" that Trump gets his way.
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With credit card interest rates near modern highs, President Trump says he wants to cap the rates for one year.
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President Trump wants to see a 10 percent cap on interest rates before the end of the month.
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Capital One shares sank Monday after Trump called for a 10% cap on credit card rates, a major profit driver for the company.
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Capital One drops 6%, other banks hit after Trump calls for credit card rate cap CNBCFinancial stocks fall as Trump's credit card rate cap plan rattles investors ReutersSoFi CEO says Trump's proposed credit card cap would drive people to personal loans, and that's good for SoFi Business InsiderTrump Says Credit Card Firms Violate Law If Rates Not Capped Bloomberg.com
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