CNBC·2026-01-21 14:22Core Viewpoint - JPMorgan Chase CEO Jamie Dimon advocates for testing President Trump's proposed 10% cap on credit card interest rates in Vermont and Massachusetts, suggesting it could provide insights into the broader implications of such a policy [1][4]. Group 1: Economic Implications - Dimon warns that implementing a national credit card interest rate cap could lead to an economic disaster, potentially resulting in a drastic reduction of the credit card business for 80% of Americans [3]. - He emphasizes that the consequences of price controls would not primarily affect credit card companies, but rather impact restaurants, retailers, travel companies, schools, and municipalities due to missed payments [5]. Group 2: Government Involvement - Dimon expresses his belief that extensive government involvement in pricing is inappropriate, yet acknowledges the necessity to address the current economic landscape [6]. - He proposes that the U.S. government should impose the pricing controls in just two states to observe the outcomes, indicating a willingness to experiment with the policy on a limited scale [4]. Group 3: Industry Response - Several large credit card lenders have not made changes to their interest rates in response to Trump's proposal, indicating a cautious approach to the suggested cap [2]. - JPMorgan plans to provide the Trump administration with an analysis of the potential impacts of a national credit card rate cap, reflecting the bank's proactive stance on the issue [5].