White House Pressures JPMorgan Chase to Lower Credit Card APRs (JPM: $40.23)

The White House, through Trade Adviser Peter Navarro, is pressuring JPMorgan Chase & Co. (JPM: $40.23) CEO Jamie Dimon to cap credit card interest rates, citing affordability concerns. Navarro urged the bank to lower APRs from current 22%, 25% and 30% levels, aligning with a proposed 10% ceiling for a year. Bank executives warn such a cap could disrupt access for consumers with poor credit, shifting them to costlier payday lending. The push reflects President Trump’s campaign to address inflation and economic hardship ahead of the 2026 midterms amid mixed public approval.