JPMorgan CEO calls Trump's credit card cap plan risky for Americans
JPMorgan Chase CEO Jamie Dimon is sounding the alarm about Donald Trump's idea to cap credit card interest rates at 10% for a year.
At Davos, Dimon called it an "economic disaster," warning it could cut off credit access for 80% of Americans and hurt businesses like restaurants, shops, travel companies, and even schools.
What's this all about?
Trump's proposal, announced earlier this month, aims to shield people from sky-high interest rates (which often hit 20-30%).
It still needs Congress to sign off—likely requiring legislation.
If it passes, experts say it could save consumers $100 billion in just one year.
Why are banks worried?
Banking leaders aren't thrilled.
JPMorgan's CFO Jeremy Barnum said the cap would be "very bad for consumers" since banks might have to slash who gets approved.
Industry groups warn this could mean less access to credit cards, fewer rewards or perks, higher fees—and only people with top credit scores getting approved.