American Express faces heightened regulatory uncertainty after President Trump publicly endorsed a one-year 10% cap on credit card interest rates, a move that Bloomberg News reports the White House may implement via executive action. Industry groups warn that such a cap could force issuers to eliminate or severely restrict card access for low- to moderate-income consumers, with the Electronic Payments Coalition estimating that 82–88% of cardholders would see their accounts closed or limits cut. AmEx executives have not publicly opposed the plan outright but are engaging in discussions with Treasury and the National Economic Council—led by Kevin Hassett—exploring voluntary credit-access programs dubbed “Trump cards.” Investors should monitor any formal rulemaking or bank agreements, as a binding cap would compress net interest margins, potentially reducing AmEx’s annual credit-fee revenue by an estimated 20% under a strict 10% rate ceiling.

Despite regulatory headwinds, American Express delivered revenue of $53.2 billion through the first nine months of 2025, up 9% year-over-year, and net income of $8.4 billion, a 5% increase. The company maintains a robust gross margin of 61.0% and returned capital to shareholders with a 0.92% dividend yield. AmEx’s focus on an affluent customer base has cushioned the impact of broader consumer pullbacks, and its card-member spending volumes remain resilient. Over the past twelve months, the stock has outperformed the broader financial sector, rising more than 20%, reflecting confidence in AmEx’s ability to navigate both economic cycles and evolving regulatory landscapes.