U.S. President Trump recently proposed setting a cap on credit card interest rates at 10%. JPMorgan Chase's Chief Financial Officer Jeremy Barnum stated that this proposed cap on credit card interest rates would harm American consumers and the economy.
He believes that it would actually produce results completely contrary to the government's expectations and added that the bank would have to significantly change its business and cut expenses. If this measure is implemented, it would severely impact the main drivers of industry profits

U.S. President Trump recently proposed setting a cap on credit card interest rates at 10%. JPMorgan Chase CFO Jeremy Barnum stated that this proposed cap on credit card interest rates would harm American consumers and the economy. He believes it would actually produce results completely contrary to the government's expectations and added that the bank would have to significantly change its business and cut costs. If this measure is implemented, it would severely impact the main drivers of industry profits

JP Morgan CFO warns that credit card interest rate caps may harm American consumers and the economy