'Fast Money' traders react to Pres. Trump's calls for credit rate caps

Summary

The Fast Money panel discussed President Trump's proposal to cap consumer credit rates at 10%. The traders debated whether the selloff in consumer credit names like Capital One is overdone and what it means for bank earnings. The panel also considered the exposure of major banks and payment networks to credit card lending and transaction volumes.

• Trump proposed a 10% cap on consumer credit rates, raising questions about implementation.
• Capital One sold off on the news; one panelist said to buy the selloff on valuation.
• Another panelist agreed the selloff seemed overdone, citing legislative hurdles and credit lending impact.
• Banks were seen as having a tough setup into earnings after rallying, with JPMorgan reporting first.
• The panel discussed credit card exposure at JPMorgan, Citibank, Wells Fargo, and Bank of America.
• Mastercard and Visa were noted as not directly capped but exposed to transaction volume trends.
• Julie argued the proposal may result in a press release rather than economic change.