Trump's 10% Credit Card Cap Sparks Backlash— Bernie Sanders Says It's 'Unacceptable' - JPMorgan Chase (NYSE:JPM)

Group 1 - President Trump proposed a one-year cap on credit card interest rates at 10%, claiming the American public is being "ripped off" [1] - The announcement has received criticism from various political figures, including Sen. Bernie Sanders, who labeled the cap as "unacceptable" [3] - The issue of high credit card interest rates has been a persistent concern, particularly as many Americans lack sufficient emergency savings, leading to financial strain [2] Group 2 - Sanders criticized Trump's proposal, stating it contradicts his earlier commitment to regulate Wall Street and impose a 10% cap on interest rates [3] - Significant profits of large banks have been highlighted, with JPMorgan CEO Jamie Dimon reportedly increasing his wealth by $770 million in 2025 [4] - Sen. Elizabeth Warren criticized Trump's promises regarding the credit card rate cap as empty and accused him of ignoring affordability [4] Group 3 - Hedge fund manager Bill Ackman warned that if credit card lenders cannot charge adequate rates, they may cancel millions of consumer cards, pushing consumers towards loan sharks with worse terms [5]