JPMorgan Chase CEO Jamie Dimon proposes testing a 10% credit card rate cap in Vermont and Massachusetts, responding to President Trump's call for lower interest rates. Dimon warns of potential economic consequences.
Dimon proposes testing rate cap.
Cap suggested for Vermont and Massachusetts.
Trump ordered lower rates voluntarily.
Many banks resist reducing rates.
Dimon warns of economic disaster.
JPMorgan to analyze rate cap impacts.
JPMorgan Chase CEO Jamie Dimon has suggested testing President Trump’s proposed 10% cap on credit card interest rates in two states: Vermont and Massachusetts. Dimon spoke at the World Economic Forum in Davos about the potential implications of this cap.
Dimon’s proposal and context
During a panel discussion, Dimon addressed Trump’s recent order for banks to voluntarily limit their rates. He noted that several major credit card lenders have not altered their rates in response and avoided stating their defiance publicly.
Dimon expressed strong concerns, saying that a cap would likely drastically reduce credit card availability for 80% of Americans. Banks have pushed back against Trump’s order, arguing that it could lead to account cancellations for many customers.
Reaction to the proposed cap
Dimon proposed that the U.S. government should implement the rate cap in just Vermont and Massachusetts to observe the effects. These states are represented by Senators Bernie Sanders and Elizabeth Warren, who support the proposed cap.
He suggested that the effects of price controls would impact not just credit card companies but also businesses and municipalities, stressing the broader implications for local economies.
Future analysis from JPMorgan
Dimon confirmed that JPMorgan would provide the Trump administration with an analysis of the expected outcomes from a nationwide credit card rate cap. He expressed his belief that government intervention in pricing is problematic.
Despite his reservations about government involvement in pricing, Dimon stated he must adapt to the current economic environment.
Rachel Patel is a senior news editor and journalist specializing in political journalism and digital media. With over seven years of professional experience, she is recognized for her accuracy, source verification, and audience-focused reporting approach.
Rachel earned her M.S. in Journalism & Media Studies from Stanford University (2018), where she developed expertise in media ethics, political communication, and digital storytelling.
Her career has centered on bridging traditional political reporting with the fast-paced world of online journalism. She has contributed to major global media outlets, analyzing how digital platforms — from YouTube and Reddit to TikTok and Bluesky — shape political narratives, influence public opinion, and redefine news consumption.
Now based in Berlin, Germany, Rachel serves as a Senior News Editor at Faharas NET, leading coverage on digital politics, media literacy, and social communication trends in the modern information landscape.
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