JPMorgan CEO Warns Credit Card Rate Cap Could Impact Economy
JPMorgan (JPM) CEO Jamie Dimon warned that the Trump administration's proposed 10% cap on credit card interest rates could severely restrict consumer access to credit, potentially causing significant economic disruption, Reuters' Manya Saini reports. The plan was announced amid pressure to address cost-of-living concerns ahead of upcoming congressional elections, though implementation details remain unclear. "It would remove credit from 80% of Americans, and that is their back-up credit," Dimon said at the World Economic Forum in Davos. Publicly traded companies in the credit card space include American Express (AXP), Capital One (COF), MasterCard (MA), Synchrony (SYF) and Visa (V).
