Summary
JPMorgan Chase CEO Jamie Dimon opposed President Trump's proposal to cap credit card interest rates at 10 percent, calling it an economic mistake. The proposed cap, intended to help save borrowers money, might restrict credit availability and impact rewards for many cardholders. The plan has found some bipartisan support, but faces challenges in Congress.
Key Facts
- President Trump proposed capping credit card interest rates at 10 percent for a year.
- Jamie Dimon, CEO of JPMorgan Chase, argues this cap would limit credit access for 80 percent of Americans.
- A banking industry group suggests that the cap could cause credit card closures for those with credit scores below 740.
- The cap might save borrowers about $100 billion a year according to a 2025 report.
- Progressive Senator Elizabeth Warren and President Trump discussed possibly working together on the proposal.
- Senator Bernie Sanders has a similar bill that suggests a 10 percent cap until 2031.
- Polls show mixed public approval of President Trump's economic policies, with some disapproval.
- The proposal faces significant political challenges in Congress.
