JPMorgan Chase CEO Jamie Dimon speaks at the American Business Forum at Caseya Center in Miami on November 6, 2025.
Chandan Khanna | AFP | Getty Images
JPMorgan Chase & Co. CEO Jamie Dimon on Wednesday advocated testing President Donald Trump’s proposed 10% cap on credit card interest rates in two U.S. states: Vermont and Massachusetts.
Dimon addressed a question about President Trump’s decision to impose voluntary interest rate caps on banks for a year during a panel discussion at the World Economic Forum in Davos, Switzerland. The president had called for the reduction to take effect on Tuesday.
Several major credit card lenders contacted by CNBC on Tuesday said there had been no change in interest rates, but all declined to acknowledge that they were acting against Mr. Trump’s proposal.
“That would be an economic disaster,” Dimon said Wednesday. He said that for 80% of Americans, “the worst-case scenario would be a significant reduction in credit card business.”
In earnings calls last week and behind the scenes, banks are pushing back against President Trump’s order this month to voluntarily give up billions of dollars in profits.
Their main argument, that price controls would result in lenders canceling the accounts of many card customers, resonates with several Republicans, including House Speaker Mike Johnson. Most banking analysts believe the bill is needed for President Trump to enact a nationwide cap on card interest rates.
“That’s a great idea.”
Dimon then said he had a “great idea” to help quell disagreements over the proposed card caps, suggesting the U.S. government impose price controls on Americans in just two states.
Vermont and Massachusetts are the home states of Sens. Bernie Sanders and Elizabeth Warren, respectively, who are sponsoring legislation that would cap credit card interest rates at 10% for five years. Dimon did not mention the lawmakers by name Wednesday.
“The U.S. government should force it on all banks in Vermont and Massachusetts and see what happens,” Dimon said, drawing laughs from the WEF audience.
Dimon said the “left” and those who advocate price controls “will learn the real lesson, and the ones crying the most won’t be the credit card companies.”
“This will include restaurants, retail stores, travel agencies, schools and municipalities as people are behind on water payments,” he said. “It’s going to be something different to see.”
Dimon added that JPMorgan plans to provide the Trump administration with an analysis of what would happen under a national interest rate cap on credit cards.
“I think it’s wrong for the government to be heavily involved in setting prices for things, but I have to deal with the world I’ve got,” Dimon said.
