Trump

In a contentious House Financial Services Committee oversight hearing, Treasury Secretary Scott Bessent sidestepped questions on the Trump family crypto conflicts of interest and inflation with pugnacious responses to Democratic lawmakers' questions.

President Donald Trump's support of legislation that would cap credit card interest rates at 10% has flagged in recent weeks, but experts say that the debate has highlighted significant gaps in regulators' understanding of the credit card market and how its risks are priced.

When the Swiss banking giant bought rival Credit Suisse in 2023, it inherited an investigation over money the Nazis looted from European Jews. The issue now seems to be coming to a head in Washington.

Former Fed Gov. Kevin Warsh is a relatively known quantity to financial markets, but his embrace of President Trump's agenda and the White House's own contentious relationship with the central bank make it hard to know with certainty where — or even whether — he will lead the Fed.

Like other payment executives, Steve Squeri expressed concern about affordability, but is not in favor of heavy restrictions.

President Trump's announcement Friday morning that former investment banker and Fed Governor Kevin Warsh would be his selection as the next chairman of the Fed ends months of speculation and gives the president a key ally at the central bank.

CEO Ryan McInerney reiterated the company's long-held stance that the Credit Card Competition Act was "very harmful" and "just simply not needed."

The president has called for a 10% interest rate cap and endorsed the Credit Card Competition Act. Michael Miebach expressed strong opposition to the CCCA while expressing concern about a cap's potential impact on access to credit.

Merchants have mostly been silent on President Trump's call for a cap on credit-card interest rates. But they'd take a "huge hit" under such a plan, Synchrony CEO Brian Doubles said Tuesday.

Comptroller of the Currency Jonathan Gould said in a letter to Sen. Elizabeth Warren, D-Mass., that the OCC "intends to act consistent with this duty rather than your demand."