JPMorgan Chase & Co. CEO Jamie Dimon criticized President Donald Trump's proposal to cap credit card interest rates at 10%. Dimon labeled the potential policy an "economic disaster." He warned the cap would significantly contract credit availability for most Americans who rely on credit cards for backup funds.
President Trump announced the proposal via social media. The plan prompted major financial institutions, including Citigroup and Bank of America, to review their options. Current credit card interest rates range from 28% to 30%. A mandated cap would force a substantial overhaul of consumer terms and rewards programs.