"Please be informed that we will no longer let the American Public be ripped off' by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration, Trump wrote on Truth Social, adding AFFORDABILITY! At the World Economic Forum in Davos, Switzerland, Trump confirmed that he planned to ask Congress to pass the cap on credit card interest rates."
"The people crying the most won't be the credit card companies, Dimon continued. It'll be the restaurants, the retailers, the travel companies, the schools, the municipalities, because people will miss their water payments and this payment and that payment. It would be something else to watch. We would survive it, by the way, Dimon said of JP Morgan Chase, the largest bank in the U.S. (But) it would remove credit from 80% of Americans. And that is their backup credit."
President Donald Trump proposed a one-year 10% cap on credit card interest to improve affordability and said the measure would be sent to Congress. Trump posted on Truth Social that Americans will no longer be 'ripped off' by credit card companies charging 20–30% and confirmed plans at the World Economic Forum in Davos. JPMorgan Chase CEO Jamie Dimon cautioned that such a cap could cause an economic disaster, drastically reduce the credit card business and remove backup credit for roughly 80% of Americans, harming restaurants, retailers, travel firms, schools and municipalities. Economists warned caps would make cards unprofitable and reduce access to credit.
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