Capping credit card interest rates could be disastrous, warns Wall Street heavyweight.
(DAVOS, 22nd) JPMorgan Chase CEO Jamie Dimon said that U.S. President Donald Trump’s proposal to cap...
(DAVOS, 22nd) JPMorgan Chase CEO Jamie Dimon said that U.S. President Donald Trump’s proposal to cap credit card interest rates could be disastrous for the U.S. economy, forcing banks to pull back or significantly reduce credit limits for most Americans.
Earlier this month, Trump called for a one-year cap of 10% on credit card interest rates and set Jan 20 as the deadline, describing the proposal as part of a broader effort to lower the cost of living. With limited details available, banks and payment companies have been preparing for potential policy measures.
Speaking at the World Economic Forum in Davos, Dimon said JPMorgan would submit a “real analysis” of the proposal to the U.S. government, adding that the bank had previously shared only limited views on the idea.
He noted that while JPMorgan could withstand the impact, the worst-case scenario would require a significant scaling back of its credit card business.
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