Lates News

The White House is increasing pressure on JPMorgan Chase CEO Jamie Dimon to set a cap on credit card interest rates. This is the latest demand from President Trump in his push to address affordability issues for the public. White House trade advisor Navarro bluntly stated during a radio interview on Thursday, "Jamie Dimon, bring down your damn credit card interest rates. Charging Americans 22%, 25%, 30% in interest is highway robbery. The President is demanding you lower the rates. Please refrain from commenting on other public policies until you do so." Trump is pushing for a plan to cap credit card interest rates at 10% for one year, but it is facing strong opposition from several large banks and credit card issuing institutions. Dimon warned last month that this move would bring an "economic disaster" to the U.S. and force many lending institutions to tighten consumer credit limits.