(Reuters) – JPMorgan Chase CEO Jamie Dimon said on Wednesday a proposed 10% cap on credit card interest rates by the Trump administration would be an economic disaster.
The long-time chief of the largest U.S. bank said at the World Economic Forum in Davos that 80% of Americans will lose access to credit if the proposal moves forward.
Trump called for the cap earlier this month, without detailing how the plan would be implemented, while Wall Street analysts said such a move would require legislation and had slim odds of getting clearance.
Banking industry bodies have strongly pushed back against the move arguing that it would impact credit access for everyday consumers.
“People crying the most will not be the credit card companies, it will be the restaurants, retailers, travel companies, the schools, the municipalities,” Dimon said.
