BofA’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.

“If you actually make this a policy, it can re-allocate credit,” the CEO said. “That will slow down spending, it will slow down credit availability, and that might not be what you’re trying ...