Jamie Dimon, chairman and CEO, JPMorganChase, at the Ronald Reagan Presidential Library in Simi Valley, California, U.S., December 6, 2025. REUTERS/Jonathan Alcorn/File Photo
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 informed that we will no longer let the American Public be 'ripped off' by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration. AFFORDABILITY! Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%. Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN! PRESIDENT DONALD J. TRUMP."
According to Associated Press' (AP) reporter Jennifer Bowers Bahney, Dimon expressed his opposition to that proposal while attending the 2026 World Economic Forum (WEF) in Davos, Switzerland — an event that Trump is also attending.
The JPMorgan Chase CEO argued, "It would be an economic disaster. In the worst case, you would have to have a drastic reduction of the credit card business. The people crying the most won't be the credit card companies. It'll be the restaurants, the retailers, the travel companies, the schools, the municipalities, because people will miss their water payments and this payment and that payment. It would be something else to watch."
Referring to JPMorgan Chase, Dimon added, "We would survive it, by the way. (But) it would remove credit from 80 percent of Americans. And that is their backup credit."
Economist Justin Wolfers, who teaches at the University of Michigan but is originally from Sydney, Australia, shares Dimon's view.
During a CNN appearance, Wolfers warned, "If you cap the rate at 10 percent, banks will find it unprofitable, and a bunch of people won't get credit cards."
Read the full Associated Press article at this link.
From Your Site Articles
Related Articles Around the Web