JPMorgan CEO mocks card rate cap idea

Group 1 - The CEO of JPMorgan Chase suggested testing a 10% cap on credit card interest rates in Massachusetts and Vermont, indicating it could provide valuable insights [1][4] - President Trump has called for a one-year cap of 10% on credit card interest rates, citing high rates of 28% to 32% as problematic [2][3] - JPMorgan's CEO, Jamie Dimon, warned that a rate freeze could lead to an economic disaster, affecting access to credit for consumers [3][5] Group 2 - JPMorgan Chase is one of the largest issuers of credit cards in the U.S., and it sets the interest rates that consumers pay on their balances [4] - Dimon highlighted that the impact of a rate cap would extend beyond credit card companies, affecting various sectors such as restaurants, retailers, and municipalities [5] - A bill proposed by Senator Bernie Sanders aims to impose a cap on credit card interest rates until 2031, with similar legislation introduced in the House [6]