JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said President Donald Trump's proposal to cap interest rates on credit cards would spell economic disaster for the US, forcing banks to pull credit lines for the vast majority of Americans.
Trump earlier this month called for a one-year, 10% cap on credit card rates, setting a deadline of Jan. 20. The president has said his proposal is part of a broader push to reduce costs for Americans. With few details, banks and payment firms have been trying to ready themselves for any proposal that might come from the administration.
Speaking at the World Economic Forum in Davos, Switzerland, Dimon said his firm will give a “real analysis” of the proposal to the government, saying JPMorgan has already provided some thoughts on the idea, “but not a lot.”
“Our business, you know, we would survive it by the way,” Dimon said. “In the worst case, you'd have to have a drastic reduction of the credit card business.”
ALSO READ: Trump's 10% Credit Card Cap And America's Debt Dependence Explained
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