- JPMorgan Chase CEO Jamie Dimon called President Donald Trump’s proposed 10% cap on credit card interest rates an “economic disaster.”
- He suggested the U.S. government should test the cap in two states: Vermont and Massachusetts.
- Vermont and Massachusetts are the home states of Sens. Bernie Sanders and Elizabeth Warren, both of whom have advocated for a bill capping card rates at 10% for five years.
JPMorgan Chase
CEO Jamie Dimon on Wednesday advocated for a test of President Donald Trump’s proposed 10% cap on credit card interest rates in two U.S. states: Vermont and Massachusetts.
Dimon, speaking on a panel at the World Economic Forum at Davos, Switzerland, addressed a question about Trump’s order for banks to voluntarily limit their interest rates for a year. The president had called for the lower rates to take effect Tuesday.
Several large credit card lenders contacted by CNBC on Tuesday said they had made no changes to their interest rates, but they all declined to be identified as defying Trump’s proposal.
“It would be an economic disaster,” Dimon said Wednesday. “In the worst case, you’d have a drastic reduction of the credit card business” for 80% of Americans, he said.
https://www.cnbc.com/2026/01/21/jamie-dimon-trump-credit-card-rate-cap-vermont-massachusetts.html