Dimon Warns 10% Credit Card Cap Could Choke Lending and Hurt Main Street
At Davos, JPMorgan CEO Jamie Dimon warned that a proposed 10% cap on credit card interest could drastically shrink credit availability, potentially removing credit from up to 80% of Americans in a worst-case scenario. Trump has pushed the cap, claiming lenders would violate the law; the White House has not commented. Dimon said the impact would ripple beyond banks to restaurants, retailers, and travel companies, and he even suggested testing the policy in Vermont and Massachusetts. The issue sits amid a broader affordability push as average credit card APR rose to about 22.8% in 2023, with banks warning a cap could harm consumers and small businesses ahead of midterms.