Jamie Dimon says Trump's credit card rate cap would be 'economic disaster'

Core Viewpoint - JPMorgan Chase CEO Jamie Dimon warns that President Trump's proposed 10% cap on credit card interest rates would lead to an "economic disaster" and significantly limit credit access for a majority of consumers [1][3]. Group 1: Impact on Consumers and Credit Access - Dimon states that the proposed cap would remove credit from 80% of Americans, which he describes as their backup credit [3]. - JPMorgan CFO Jeremy Barnum echoes these concerns, indicating that the cap could hurt the broader economy and significantly reduce access to credit [6]. - Barnum further explains that the provision of credit services would change dramatically, leading to extensive loss of access to credit, particularly for those who need it most [8]. Group 2: Testing and Implementation Suggestions - Dimon suggests that before implementing the cap, it should be tested in two states, Vermont and Massachusetts, to observe the effects [5]. Group 3: Broader Economic Implications - Barnum warns that the cap could create severely negative consequences for consumers and the economy as a whole [9]. - An analysis by the Electronic Payments Coalition indicates that nearly every credit card account associated with a credit score below 740 would be closed or severely restricted if the cap were implemented, affecting 175 million to 190 million American cardholders [11][12].