Jamie Dimon Must Lower Credit Card Interest Rates, Navarro Says

Core Viewpoint - The White House is increasing pressure on JPMorgan Chase's CEO Jamie Dimon to lower credit card interest rates, aligning with President Trump's initiative to address affordability issues for consumers [1][2]. Group 1: Pressure from the White House - White House trade adviser Peter Navarro publicly criticized Jamie Dimon, urging him to reduce credit card interest rates, which currently range from 22% to 30% [2]. - Navarro emphasized that Dimon should refrain from commenting on other public policies until he addresses the interest rate issue [2]. Group 2: Industry Response - Trump's proposal for a yearlong 10% cap on interest rates has faced opposition from major banks and credit card issuers, with Dimon warning that such a move could lead to an "economic disaster" by limiting credit access [3]. - Bank executives argue that imposing an interest rate ceiling would restrict credit availability for consumers with poor credit scores, pushing them towards more expensive alternatives like payday lenders [3]. Group 3: Political Context - President Trump is making various demands on the financial, housing, and food sectors to demonstrate his commitment to addressing cost-of-living concerns ahead of the midterm elections [4]. - Polls indicate that the economy is the primary concern for voters, and dissatisfaction with Trump's economic management could jeopardize Republican control of Congress [4].