Jamie Dimon, chief executive officer of JPMorgan Chase & Co., spoke at a White House press briefing on May 12, 2024, calling President Donald Trump’s proposed interest‑rate cap on credit cards a potential “disaster.” He emphasized that the cap would limit consumers’ ability to secure credit, especially those with higher credit scores and in specific regions. The statement coincided with ongoing discussions in Congress about consumer‑credit regulations and interest‑rate policy, framing the proposal as a significant policy shift with nationwide implications.

_2_ The interest‑rate cap, as outlined by the president’s administration, would restrict the maximum borrowing cost available to credit‑card holders, capping rates at a figure determined by federal regulators. Dimon argued that such a cap would create a credit supply constraint, as banks would reduce new lending to remain compliant with the lower rate ceiling. Consequently, borrowers in lower‑income brackets might face reduced credit availability, further obstructing their financial activities. Additionally, Dimon pointed out that banks would encounter reduced profit margins on credit‑card products, prompting a possible reevaluation of fees and other product offerings.

_3_ Dimon’s remarks reflect a broader debate among financial leaders regarding regulatory interventions in the credit market. While some policymakers view the cap as a consumer‑protection measure, executives caution against potential market disturbances. The corporate consensus suggests that preserving a flexible credit environment is essential for the health of the consumer economy. The conversation continues as lawmakers and industry partners weigh the trade‑offs between consumer protection and market stability.