Jamie Dimon Warns Trump’s 10% Credit Card Rate Cap Would Be ‘An Economic Disaster’

JPMorgan Chase CEO Jamie Dimon called Donald Trump’s proposal to cap credit card interest rates at 10% “an economic disaster” during a Davos session on January 21, 2026, warning it would remove access to credit for 80% of Americans. While Dimon avoided broad criticism of Trump’s policies on immigration, trade, or foreign relations, he strongly opposed the rate cap, saying it would severely restrict consumer credit—used by many as financial backup. He suggested testing the policy first in Vermont and Massachusetts, represented by Senators Bernie Sanders and Elizabeth Warren, saying proponents would “learn a real lesson.” The move, he predicted, would hurt restaurants, retailers, municipalities, and households reliant on flexible financing. Dimon stated JPMorgan would survive the impact but doubted Congress would pass the measure. He also urged government-business collaboration to manage AI-driven job losses, supporting retraining incentives and income assistance to prevent social unrest. On foreign policy and immigration, he declined binary judgments, urging measured reflection. He emphasized that while businesses will adopt AI rapidly, societal adaptation may lag without coordinated intervention.