American Express Says U.S. Card Law May Reduce Credit
May 20 (Bloomberg) — American Express Co. Chief Executive Officer Kenneth Chenault said U.S. legislation to curb credit- card fees may reduce lending to “consumers who need it” and will hurt competitors more than his company.
The impact of the measure, passed by Congress today, will be “more negative than positive” for American Express, the largest U.S. credit-card issuer by purchases, because it may crimp the New York-based company’s ability to set prices according to risk, Chenault said today during a conference call.
