Summary
President Donald Trump proposed capping credit card interest rates at 10% for one year. Jamie Dimon, CEO of JPMorgan Chase, argued this plan could create economic problems and reduce credit availability for most Americans. Critics emphasize that many businesses and consumers might struggle if the cap is implemented.
Key Facts
- President Trump suggested limiting credit card interest rates to 10% from January 20 for one year.
- JPMorgan Chase CEO Jamie Dimon warned that this proposal could lead to economic problems.
- Dimon said that capping rates could reduce credit access for 80% of Americans.
- The plan has not been implemented yet and details about enforcement are unclear.
- Trump reiterated the proposal on January 13 via social media.
- Major banks and associations argue that the cap could harm consumers and businesses.
- The current average interest rate for credit cards in the U.S. is around 20%.
- Trump's proposal has caused some uncertainty in the stock market for credit card companies.
