Klarna’s CEO Urges Trump to Go Further on Credit-Card Rate Cap

Klarna Group Plc Chief Executive Officer Sebastian Siemiatkowski has called for President Donald Trump to go further in shaking up the credit card industry, calling it an “extraction machine” that rips off poorer borrowers.

“If you look at the Fed’s own data, it shows that credit card rewards redistribute $15 billion annually from the poor to the wealthy, and that high FICO consumers gain $200 a year, subprime consumers lose $55,” he said in an interview on Bloomberg TV. “That isn’t financial product. It’s a regressive tax with airline miles.”