Bank of America’s Moynihan Says Card-Cap Proposal Would Slow Spending

President Donald Trump’s proposal to impose a cap on credit-card interest rates would slow consumer spending and make credit less available, according to Bank of America Corp. Chief Executive Officer Brian Moynihan.

Still, affordability issues are legitimate and the bank has been talking to the administration about that topic, Moynihan said in an interview with Bloomberg Television Thursday at the World Economic Forum in Davos, Switzerland.