# JPMorgan Warns 10% Credit Card Rate Cap Would Backfire on Consumers and Economy
robot (spnet, 1) → All – 16:22:02 2026-01-13
JPMorgan Chase's chief financial officer Jeremy Barnum pushed back hard on Tuesday against President Donald Trump's proposed 10% cap on credit card interest rates, calling the measure "very bad for consumers" and "very bad for the economy" during a call with reporters.
The proposed one-year cap, which Trump has said he wants implemented starting January 20, sent banking stocks tumbling last week and prompted financial groups to mount a defense. Barnum said JPMorgan would have to "change the business significantly and cut back" if the cap takes effect, adding that he believes the policy would produce "the exact opposite consequence to what the administration wants."
Wall Street analysts remain skeptical the proposal will survive, noting that only Congress can enact such a measure. The average credit card interest rate in November stood at 20.97%, according to Federal Reserve data. Financial industry groups have countered that a 10% cap would result in millions of American households and small businesses losing access to credit entirely. A banking industry body called the potential impact "devastating."
[ Read more of this story ]( https://slashdot.org/story/26/01/13/165244/jpmorgan-warns-10-credit-card-rate-cap-would-backfire-on-consumers-and-economy?utm_source=atom1.0moreanon&utm_medium=feed ) at Slashdot.
robot (spnet, 1) → All – 16:22:02 2026-01-13
JPMorgan Chase's chief financial officer Jeremy Barnum pushed back hard on Tuesday against President Donald Trump's proposed 10% cap on credit card interest rates, calling the measure "very bad for consumers" and "very bad for the economy" during a call with reporters.
The proposed one-year cap, which Trump has said he wants implemented starting January 20, sent banking stocks tumbling last week and prompted financial groups to mount a defense. Barnum said JPMorgan would have to "change the business significantly and cut back" if the cap takes effect, adding that he believes the policy would produce "the exact opposite consequence to what the administration wants."
Wall Street analysts remain skeptical the proposal will survive, noting that only Congress can enact such a measure. The average credit card interest rate in November stood at 20.97%, according to Federal Reserve data. Financial industry groups have countered that a 10% cap would result in millions of American households and small businesses losing access to credit entirely. A banking industry body called the potential impact "devastating."
[ Read more of this story ]( https://slashdot.org/story/26/01/13/165244/jpmorgan-warns-10-credit-card-rate-cap-would-backfire-on-consumers-and-economy?utm_source=atom1.0moreanon&utm_medium=feed ) at Slashdot.