Archive · 21 Jan 2026
Jamie Dimon warns of economic disaster from Trump's 10% credit card rate cap
President Trump has suggested that credit card companies should not charge more than 10% interest.
Jamie Dimon, the boss of a big bank called JPMorgan Chase, says this idea could be a big problem.
He thinks many Americans might not be able to get credit anymore.
Other bank leaders agree and say it could hurt small businesses and the economy.
They are planning to fight this idea.
Some experts think there might be a compromise, like offering different types of credit cards.
The White House hasn't said how they will make sure companies follow this rule.
President Trump proposed a 10% cap on credit card interest rates, aiming to improve affordability for consumers.
Jamie Dimon (JPMorgan Chase CEO) warns this could shut millions of Americans out of the credit system, with 80% potentially losing access.
Gunjan Kedia (US Bancorp CEO) estimates over 90% of clients would be detrimentally impacted, with 50% facing a 'crushing' effect.
Banks and industry groups oppose the cap, arguing it would restrict credit and harm the economy, with some preparing to fight the proposal.
Analysts suggest possible compromises, such as alternative card offerings, and expect political negotiations to prevent the cap's enactment.
- Who
- President Donald Trump, Jamie Dimon (JPMorgan Chase CEO), Gunjan Kedia (US Bancorp CEO), Mark Mason (Citi CFO)
- What
- Proposal for a 10% cap on credit card interest rates
- When
- Proposed earlier this month, discussed at Davos on January 21
- Where
- World Economic Forum in Davos, United States
- Why
- Trump administration argues it would improve affordability for consumers, but bank CEOs warn it would restrict credit and harm the economy
- Proposed Cap
- 10% on credit card interest rates
- Proposed By
- President Donald Trump
- Date Proposed
- Earlier this month
- Impact on Americans
- 80% may lose access to credit (Dimon), 90%+ may be detrimentally impacted (Kedia)
- Industry Response
- Banks prepared to fight with all resources
- Analysts' View
- Scope for compromise, alternative offerings possible
- Enforcement
- No specific measures outlined by White House