Jamie Dimon, CEO of JPMorgan Chase, speaks on the American Enterprise Discussion board on the Kaseya Middle in Miami on Nov. 6, 2025.
Chandan Khanna | AFP | Getty Photographs
JPMorgan Chase CEO Jamie Dimon on Wednesday advocated for a check of President Donald Trump’s proposed 10% cap on bank card rates of interest in two U.S. states: Vermont and Massachusetts.
Dimon, talking on a panel on the World Financial Discussion board at Davos, Switzerland, addressed a query about Trump’s order for banks to voluntarily restrict their rates of interest for a 12 months. The president had referred to as for the decrease charges to take impact on Tuesday.
A number of massive bank card lenders contacted by CNBC on Tuesday stated that they had made no modifications to their rates of interest, however all of them declined to be recognized as defying Trump’s proposal.
“It might be an financial catastrophe,” Dimon stated Wednesday. “Within the worst case, you’d have a drastic discount of the bank card enterprise” for 80% of Individuals, he stated.
In earnings convention calls final week and behind the scenes, banks have pushed again in opposition to Trump’s order this month to voluntarily forgo billions of {dollars} in income.
Their primary argument, that worth controls will end in lenders canceling accounts for a lot of card clients, has resonated with a number of Republican lawmakers, together with Home Speaker Mike Johnson. Most banking analysts imagine that Trump would want laws to enact a nationwide cap on card charges.
‘An excellent concept’
Dimon then stated he had a “nice concept” to assist quell disagreement over the proposed card cap, suggesting that the U.S. authorities impose the pricing controls on Individuals in simply two states.
Vermont and Massachusetts are the house states of Sens. Bernie Sanders and Elizabeth Warren, respectively, each of whom help a invoice capping card charges at 10% for 5 years. Dimon did not point out the lawmakers by identify Wednesday.
The U.S. authorities “ought to power all of the banks to do it in two states, Vermont and Massachusetts, and see what occurs,” Dimon stated, drawing laughter from the WEF viewers.
Dimon stated “the left” and individuals who argue for worth controls “will be taught an actual lesson, and the individuals crying probably the most will not be the bank card firms,” he stated.
“It will be the eating places, the retailers, the journey firms, the colleges, the municipalities, as a result of individuals miss their water funds,” he stated. “It might be one thing else to look at.”
Dimon added that JPMorgan was planning on giving the Trump administration its evaluation on what would occur below a nationwide bank card price cap.
“I feel it is mistaken for the federal government to become involved extensively in pricing of stuff, however I bought to cope with the world I bought,” Dimon stated.
