Wall Street Execs Warn It's Time to Stop Attacking the Fed and Credit Card Industry

Up until this week, Wall Street has generally benefited from the Trump administration’s policies and has been supportive of the president. That relationship has suddenly soured.

When President Donald Trump signed the One Big Beautiful Bill into law in July 2025, it pushed another significant round of tax cuts and also cut the budget of the Consumer Financial Protection Bureau, at times the banking industry’s nemesis, by nearly half. Trump’s bank regulators have also been pushing a deregulatory agenda that both banks and large corporations have embraced.

But now the president has proposed a one-year, 10 percent cap on the interest rate on credit cards, a lucrative business for many financial institutions, and his Department of Justice has launched an investigation into Federal Reserve Chair Jerome Powell that many say threatens the institution that is supposed to set interest rates free of political interference.

Please select this link to read the complete article from The Associated Press.