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☆ Trump's 10% credit card interest cap could hurt borrowers, experts say: 'Access to credit would dry up'
▼ + stars: | 2024-09-24 | by ( Annie Nova | Annie Nova Is A Reporter On The Personal Finance Team | Covering Education. Prior To Cnbc | ) www.nbcnews.com time to read: +7 min

A national interest rate cap requires CongressUnder current federal law, nationwide limits on credit card interest rates are scarce, consumer advocates say. Likewise, federal credit unions are typically restricted to an 18% interest rate on their credit cards. “A president cannot set a cap on credit card interest rates,” said Rust. A 10% interest rate cap could backfireFinancial experts on both sides of the debate expressed concerns that a 10% interest rate cap could backfire on consumers in various ways. “Otherwise, it is a game of whack-a-mole.”In 2022, credit card issuers charged $14 billion in late fees, he noted.

Persons: Donald Trump, Trump, ”, Kamala Harris, It’s, Trump’s, Ted Rossman, ” Rossman, Karoline Leavitt, ” Harris hasn’t, Biden, Adam Rust, Rust, “, ” Rust, Lauren Saunders, Nicholas Anthony, they’re, ” Anthony, Rossman, Saunders, “ Banks Organizations: Social Security, Republican, Democratic, Federal, Bankrate, CNBC, Consumer Financial, Consumer Federation of America, Bank Act, Consumer Financial Protection Bureau, Consumer Financial Protection, National Consumer Law, Cato Institute’s Center, Monetary, Bureau, U.S . Chamber of Commerce Locations: New York, South Dakota, Delaware, Utah, U.S, Bankrate

☆ Grayscale, Ripple court rulings 'big black eyes' to the SEC: Cato Institute's Jennifer Schulp
▼ + stars: | 2023-09-27 | by ( Talia Kaplan | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGrayscale, Ripple court rulings 'big black eyes' to the SEC: Cato Institute's Jennifer SchulpJennifer Schulp, the director of financial regulation studies at the Cato Institute's Center for Monetary and Financial Alternatives, who testified before lawmakers a few weeks after FTX filed for bankruptcy, weighs in on crypto regulatory developments in the U.S. She also discusses the impact of the recent Grayscale and Ripple rulings on the industry.

Persons: Cato, Jennifer Schulp Jennifer Schulp, FTX Organizations: SEC, Cato Institute's Center, Monetary Locations: U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHouse lawmakers push SEC Chair Gensler to approve spot bitcoin ETF applications: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Jennifer Schulp, the director of financial regulation studies at the Cato Institute's Center for Monetary and Financial Alternatives, who testified before lawmakers a few weeks after FTX filed for bankruptcy, weighs in on crypto regulatory developments in the U.S.

Persons: Gensler, explainers, Jennifer Schulp, FTX Organizations: Email, SEC, CNBC Crypto, CNBC, Cato Institute's Center, Monetary Locations: U.S

☆ Why some central banks are rushing to hike rates now
▼ + stars: | 2023-06-25 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Even though inflation is slowing in many countries after more than a year of interest rate hikes, it remains above the 2% level many central banks are targeting. Raising interest rates is the primary tool central bankers have at their disposal to get inflation down. That’s why the Federal Reserve paused interest rate hikes at its June meeting after 10 consecutive hikes since last March. It’s harder for central banks to clamp down on inflation when it becomes sticky, or persistently high. That’s because research shows that inflation, if unaddressed, could become even more sticky and harder for central banks to control with rate hikes.

Persons: Andrew Bailey, Bailey, don’t, Christine Lagarde, ” Lagarde, it’s, Michael Bordo, “, ” Organizations: New, New York CNN, ” Bank of England, Federal Reserve, European Central Bank, Center for Monetary, Rutgers University, CNN Locations: New York

☆ Economists are torn on whether the Fed’s pause will backfire
▼ + stars: | 2023-06-14 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

Fed Chair Jerome Powell said the rate hike pause will give officials more time to evaluate the effects rate hikes have had on the economy so far. But he left the door open for the possibility of more rate hikes at future meetings. “Every time they relaxed rates inflation would ratchet up,” said Michael Bordo, an economics professor and director of the Center for Monetary and Financial History at Rutgers University. Many economists agree the Fed is not confronting the extreme dilemma Paul Volcker faced during his time as Fed Chair from 1979 to 1987. The Fed’s pause “doesn’t necessarily have adverse implications for inflation,” he said.

Persons: Jerome Powell, ” Powell, ”, Michael Bordo, Paul Volcker, “, Donald Kohn, Powell, Bordo, George Selgin Organizations: New, New York CNN, Federal, Center for Monetary, Rutgers University, Fed, CNN, Cato Institute Locations: New York

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