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30 JPMorgan Warns 10% Credit Card Rate Cap Would Backfire on Consumers and Economy

Slashdot
msmash @ Slashdot · today 11:05 EDT

JPMorgan Warns 10% Credit Card Rate Cap Would Backfire on Consumers and Economy

JPMorgan Chase's chief financial officer Jeremy Barnum pushed back hard on Tuesday against President Donald Trump's proposed 10% cap on credit card interest rates, calling the measure "very bad for consumers" and "very bad for the economy" during a call with reporters.

The proposed one-year cap, which Trump has said he wants implemented starting January 20, sent banking stocks tumbling last week and prompted financial groups to mount a defense. Barnum said JPMorgan would have to "change the business signi

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