NEW YORK (AP) — Wall Street’s relationship with the Trump administration is souring. Bank executives warned the White House on Tuesday that President Donald Trump’s policies and the Justice Department’s investigation into Federal Reserve Chairman Jerome Powell could harm the economy. BNY CEO Robin Vince criticized attacks on the Fed’s independence, saying it could raise interest rates. Trump is also targeting the credit card industry, proposing a 10% cap on interest rates. Researchers say a cap could cost banks $100 billion annually. JPMorgan CFO Jeffrey Barnum said such actions could reduce credit supply, hurting consumers and the economy.
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