Bank of America shares fell approximately 2% on Monday amid broader financial market concerns.
The decline followed two distinct political pressures impacting the financial sector. Federal Reserve Chair Jerome Powell issued a statement regarding a Justice Department investigation, raising questions about the central bank's independence.
Compounding the pressure, President Donald Trump proposed a one-year, 10% cap on credit card interest rates in a social media post. This potential cap directly threatens a key revenue source for financial institutions.
Several major U.S. banks, including Bank of America, experienced stock declines. The broader market also showed volatility, with the S&P 500 and Dow Jones Industrial Average trading lower.