From Quartz.

JPMorgan Chase warned Tuesday that a proposed 10% cap on credit card rates would significantly change its card business and harm customers, underscoring potential impacts for consumers and banks. The warning followed Donald Trump’s weekend support for a credit card rate cap, despite lacking authority to impose one. JPMorgan Chase CFO Jeremy Barnum said the policy would be bad for consumers and the economy. Banks sold off Monday as card-focused firms declined, while retail card APRs stayed elevated despite late-year Fed cuts, with some store cards above 30%, according to Bankrate. Barnum cited policy uncertainty and said the bank would oppose the proposal.

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