JPMorgan CEO Jamie Dimon said Trump's proposed 10% cap on credit card rates would be an 'economic disaster'

Core Viewpoint - JPMorgan Chase CEO Jamie Dimon warns that President Trump's proposed 10% cap on credit card interest rates could lead to significant economic disruption, particularly affecting various sectors beyond the banking industry [1][2]. Group 1: Economic Impact - Dimon predicts that the interest rate cap could strip credit from 80% of Americans, potentially leading to a drastic reduction in the credit card business [1]. - The sectors most likely to be affected include restaurants, retailers, travel companies, and municipalities, as consumers may struggle to make essential payments [2]. Group 2: Company Position - JPMorgan Chase is prepared to adapt to whatever decision is made by the president and Congress, with Dimon indicating that the bank will provide a more detailed analysis of the potential effects of the proposed cap [2]. - The bank's CFO has previously expressed concerns that implementing price controls on credit card interest rates could undermine the viability of the credit card business [4]. Group 3: Geopolitical Context - Dimon maintains a conciliatory stance regarding Trump's geopolitical moves, indicating a nuanced understanding of the broader implications of such policies [3].