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 harm the broader economy, urging state-level testing.
- 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.
44 Articles
44 Articles
Jamie Dimon says Trump's credit card rate cap would be 'economic disaster'
JPMorgan Chase CEO Jamie Dimon issued a stern warning about President Donald Trump's credit card rate cap at the World Economic Forum in Davos on Wednesday, saying that it would be an "economic disaster." Trump said that he wants to impose a 10% cap on credit card interest rates for one year, saying he wants to prevent consumers from being "ripped off" by credit card issuers, with interest rates that may exceed 20% for some borrowers.When asked …
In Davos, Dimon Says Trump's Proposed Credit Card Interest Rate Cap Would Be an 'Economic Disaster'.
The measure would force banks to suspend credit limits for many Americans, according to the CEO of J.P. Morgan.
Trump Pushes 10% Credit Card Rate Cap, Faces GOP Resistance - Real News Now
President Donald Trump called on Congress Wednesday to cap credit card interest rates at 10% for one year, a move aimed at easing pressure on American families but one that’s met resistance from Republican leadership and Wall Street alike. Speaking from the World Economic Forum in Davos, Switzerland, Trump criticized the credit card industry’s massive profits and accused lenders of predatory behavior. “The profit margin for credit card companies…
Dimon: US 'less reliable' as economic partner under Trump
JPMorgan Chase CEO Jamie Dimon said Wednesday that the U.S. is “less reliable” as a global ally under President Trump, but he was otherwise reluctant to criticize Trump during his interview with The Economist at the World Economic Forum. Asked if he agrees with Canadian Prime Minister Mark Carney’s assessment that there’s been a “rupture...
Jamie Dimon hesitates to criticize Trump… except for one plan he says will create ‘an economic disaster’
JPMorgan Chase CEO Jamie Dimon limited his criticism of President Donald Trump in a question-and-answer session at Davos on Wednesday – with one notable exception.
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