Small font size A Larger text size A Largest text size A

Citigroup CEO does not expect Congress to approve cap in credit card rates

BY Reuters | ECONOMIC | 01/20/26 10:27 AM EST

NEW YORK, Jan 20 (Reuters) - Citigroup (C/PN) CEO Jane Fraser said on Tuesday she does not expect Congress to ?approve caps on credit card interest ?rates as suggested by president ?Donald Trump.

"The president is ?right in ?focusing on affordability", Fraser said during an ?interview to ?CNBC from Davos. "But capping rates would not be good ?for the ?U.S. ?economy", she added. A rate cap would cut access to credit ?to a large part of clients in the U.S. and affect airlines, retailers and restaurants, she added. Asked about ?support ?in Congress for legislation limiting credit card rates, Fraser ?said she does not think there is bipartisan support for that.

After initiating a round of around 1,000 layoffs recently, Fraser said ?the bank has no intention of announcing new big headcount reductions. (Reporting by Tatiana ?Bautzer, Editing by Franklin Paul)

More Fixed Income News

FOREX-Dollar steady after Friday rally as investors weigh a Warsh-led Fed, commodity-linked currencies soft BY Reuters |ECONOMIC 04:34 AM EST
UK manufacturing PMI rises to highest since August 2024 BY Reuters |ECONOMIC 04:30 AM EST
Euro zone factory activity contracts in January but output rebounds, PMI shows BY Reuters |ECONOMIC 04:24 AM EST
GRAPHIC-No escaping the euro or the Fed: Five questions for the ECB BY Reuters |ECONOMIC 04:12 AM EST

All Fixed Income News

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

fir_news_article