Economy|BanksJPMorgan’s Dimon calls credit card interest rate caps a ‘economic disaster’JPMorgan CEO Dimon said that Trump’s push to cap rates at 10 percent would result in consumers losing access to credit.

JPMorgan Chase CEO Jamie Dimon expressed concerns regarding the proposal by the United States administration to cap credit card interest rates. He stated that such a measure could lead to significant economic consequences.

These remarks were made at the World Economic Forum in Davos, Switzerland, on Wed, Jan 21, 2026. The administration has suggested a temporary cap of 10 percent on credit card interest rates, pending legislative approval.

According to Dimon, implementing this cap could result in restricted access to credit for 80 percent of Americans. The Electronic Payments Coalition supports this view, suggesting that individuals with credit scores below 740, who constitute a significant portion of credit card holders, might face closures or restrictions on their accounts.

Furthermore, credit card companies could reduce rewards for users with FICO scores below 760 and restrict lending to those with scores under 600. A Vanderbilt University report from 2025 estimated that such a cap could save borrowers approximately $100 billion annually.

Progressive Senator Elizabeth Warren has shown interest in collaborating on this proposal, aligning with an existing bill by Senator Bernie Sanders, which aims to establish a similar interest rate cap lasting until 2031. However, this bill remains under consideration by the Senate Committee on Banking, Housing, and Urban Affairs.

There is notable opposition from banking executives, including Dimon and Citigroup CEO Jane Fraser, who doubt the proposal's viability in Congress. Republican House Speaker Mike Johnson has also highlighted potential negative consequences of this measure.

The political discourse surrounding this proposal is ongoing, with various stakeholders expressing skepticism about its implementation and potential impact on the economy.

Following Dimon's comments, stock market reactions have been mixed. Mastercard and Visa stocks decreased by 1.1 percent and 1.7 percent, respectively, while American Express saw an increase of 1.9 percent. Bank stocks showed an upward trend, with Bank of America rising by 0.5 percent, Wells Fargo by 0.1 percent, and Citigroup by 1.2 percent. JPMorgan Chase stock remained stable.

Based on reporting by Al Jazeera.