The White House increased pressure on JPMorgan Chase and CEO Jamie Dimon to cap credit card interest rates to improve consumer affordability. Trade advisor Peter Navarro publicly urged Dimon to lower interest rates and labeled current charges as criminal.
President Trump proposed a year-long 10% limit on credit card interest rates. Major banking institutions have expressed strong opposition to this measure.
Jamie Dimon warned that an interest rate cap could trigger an economic disaster. He stated the policy would reduce credit availability for consumers with lower credit scores. Dimon noted these individuals might be forced to use more expensive, less regulated lenders.