00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Banks and financial services stocks declined on Monday after Trump called for a one-year
00:07cap on credit card interest rates at 10%, according to CNBC. Capital One shares fell
00:1210% in pre-market trading, while Citigroup lost 4% and JPMorgan Chase declined nearly 3%.
00:19Bank of America dropped 2.36%, Visa slid 1.94%, and MasterCard fell 2.21%.
00:26American Express declined 4.87%, Wells Fargo lost 2.01%, and Morgan Stanley slipped 0.98%.
00:35Trump said the cap would take effect on January 20th, according to a Truth Social post,
00:40though he did not outline how it would be implemented.
00:43The proposal would require congressional approval.
00:46Bipartisan bills to cap credit card interest rates at 10% have previously been introduced,
00:51signaling existing interest in such a move.
00:52Buy Now Pay Later stocks rose, with the firm up 5%, and PayPal gaining 1%.
00:58For all things money, visit Benzinga.com.
