JP Morgan Chase CFO: Credit card rate cap will affect American consumers and the economy.

Jeremy Barnum, Chief Financial Officer of JPMorgan Chase, stated on Tuesday that JPMorgan Chase believes that the proposal to cap credit card interest rates would have a detrimental impact on American consumers and the economy. President Trump proposed on Friday to set the cap on credit card interest rates at 10% starting from January 20 for a year. Wall Street analysts remain skeptical of this measure, pointing out that such measures can only be enacted by Congress.