Trump’s Proposed Cap on Card Rates Could Crimp Access to Credit, Says Wells FargoBank Earnings: Goldman Sachs, Morgan Stanley Results Top EstimatesLast Updated:1 day agoWells Fargo Chief Financial Officer Mike Santomassimo said President Donald Trump’s proposed cap on credit card rates could hurt economic growth and hinder Americans’ ability to access credit, warning of “a negative impact on credit availability.”The president suggested capping credit card rates at 10% for one year, a move to address voter complaints about the cost of living. The proposal has gotten a cool reception from Wall Street, and analysts have said that if it takes effect it would force banks to drop lower-income credit card customers.“We certainly share concerns about affordability issues that many families are having across the country,” Santomassimo said during a call with reporters Wednesday. “I think it’s also important that many people need access to credit from regulated banks. As others have pointed out, there would be a significant impact on credit availability for a wide spectrum of people.”