This is a mistake President @realDonaldTrump. Without being able to charge rates adequate enough to cover losses and to earn an adequate return on equity, credit card lenders will cancel cards for millions of consumers who will have to turn to loan sharks for credit at rates higher than and on terms inferior to what they previously paid.

In order to bring down credit card rates, we need more innovation and competition among credit card lenders. Regulatory changes that enable new entrants could lead to a reduction in rates.

And no, I don’t have any investments directly or indirectly in credit card companies or banks.