US EditionJPMorgan's Dimon warns of 'economic disaster' if credit card rate cap is implemented
JPMorgan CEO Jamie Dimon warned the 10% credit card interest rate cap could cut credit access for 80% of Americans and urged testing it in Vermont and Massachusetts first.
- During a Davos panel, JPMorgan CEO Jamie Dimon warned the Trump administration's proposed 10% credit card rate cap would be `It would be an economic disaster`, removing backup credit for 80% of Americans.
- Under pressure to address voters' costs, President Donald Trump proposed the 10% cap earlier this month and urged compliance by Jan. 20 via Truth Social, ahead of congressional elections.
- Suggesting a narrow experiment, Dimon said the government `should force all the banks to do it in two states- Vermont and Massachusetts- and see what happens`, warning restaurants, retailers, travel companies, schools and municipalities would suffer, drawing laughter from the World Economic Forum audience.
- Analysts say the cap would need legislation and faces slim odds, markets reacted quickly with bank stocks tumbling after Trump's Jan. 20 compliance call, and JPMorgan plans to provide analysis to the administration.
- If imposed, the cap would blunt banks' ability to price for default risk, as banking industry bodies argue caps limit consumer access, while Wall Street analysts say slim passage odds prompt no-frills cards.
62 Articles
62 Articles
CEO slams Trump credit card proposal as 'economic disaster'
With the United States' 2026 midterms only nine and one-half months away, President Donald Trump is making a variety of economic proposals in the hope of preventing Democrats from retaking one or both branches of Congress. One of them is limiting interest rates on credit cards, and that proposal is getting a very negative response from JPMorgan Chase CEO Jamie Dimon.In a January 9 post on his Truth Social platform, Trump wrote, "Please be inform…
Dimon flags ‘economic disaster’ over rate cap
JPMorgan Chase chief executive officer (CEO) Jamie Dimon warns that a proposal to cap credit card interest rates would amount to economic disaster, while US President Donald Trump doubled down on the idea and says he is asking Congress to approve the move.
Jamie Dimon Warns Trump’s Credit Cap Would Lead To ‘Economic Disaster’
Associated Press JPMorgan Chase CEO Jamie Dimon warned that President Donald Trump’s proposed interest cap on credit card rates would lead to “economic disaster” for everyday Americans. Earlier this month, Trump demanded a one-year 10% cap on credit card interest rates to help Americans with “affordability.” “Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies that are charging Interest Rate…
JPMorgan’s Dimon warns of ‘economic disaster’ as Trump backs credit card rate cap
JPMorgan Chase CEO Jamie Dimon warned on Wednesday that a proposal to cap credit card interest rates would amount to economic disaster, while President Donald Trump doubled down on the idea and said he was asking Congress to approve the move.
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