Tag

Credit Card Rate Cap

All articles tagged with #credit card rate cap

business2 months ago•457 min saved

Dimon Breaks with Trump at Davos, Sparking Corporate Backlash

Jamie Dimon publicly warned at Davos that Trump’s plan to cap credit-card interest rates would be an “economic disaster,” marking a rare high-profile challenge to the president from Wall Street. Days later Trump sued JPMorgan Chase and Dimon over allegedly debanking him after January 6, 2021, illustrating the growing risk for CEOs who defy Trump. The episode signals a shift in corporate America from quiet compliance to vocal pushback on policy that could dent profits, with other bankers also voicing concerns about rate caps and Fed independence. The tensions underscore the fragile, often adversarial dynamic between business leaders and the White House during Trump’s era.

via CNN|

#business #credit-card-rate-cap #davos

business2 months ago•442 min saved

Dimon Flags 10% Credit-Card Cap as Economic Disaster, Dodges Broad Trump Critique in Davos

At Davos, Jamie Dimon largely sidestepped criticism of President Trump on most policies, but he called Trump’s proposed one-year 10% cap on credit-card interest an “economic disaster,” warning it would remove credit from about 80% of Americans and suggesting a state-by-state pilot before a nationwide rollout. He cautioned the policy would hurt consumers and local governments, and doubted it could pass Congress. Dimon also urged government action to cushion AI-driven job losses and advocated a slower, more collaborative approach to AI disruption, including retraining incentives, while avoiding binary judgments on foreign policy.

via CNN|

#business #credit-card-rate-cap #davos

business2 months ago•2 min saved

Dimon backs a two-state test of a 10% credit card rate cap

JPMorgan Chase CEO Jamie Dimon called Trump’s proposed 10% cap on credit card interest an 'economic disaster' and proposed testing the policy in Vermont and Massachusetts to observe its impact on lending and consumers, signaling that price controls could shrink the credit market; banks oppose the idea, and Dimon said JPMorgan would share its analysis with the administration.

via CNBC|

#business #credit-card-rate-cap #jamie-dimon

economy2 months ago•130 min saved

Bank stocks slide as credit-card rate-cap deadline tests policy

U.S. bank shares fell on Tuesday as investors awaited the Trump administration’s deadline to implement a 10% cap on credit-card interest rates, a policy banks warn could curb lending and sap profits. JPMorgan Chase, Citigroup and Wells Fargo led declines (about -3% to -4%), with Morgan Stanley and Goldman Sachs also down, amid uncertainty over Congressional action and possible compromises such as voluntary rate options or targeted offerings to mitigate impact on consumers.

via Investing.com|

#bank-stocks #congressional-action #consumer-affordability

business2 months ago•13 min saved

U.S. Banks Dip Ahead of 10% Credit Card Rate Cap Deadline

U.S. bank stocks fell in morning trading as investors awaited clarity on whether the Trump administration's Jan. 20 deadline to implement a 10% cap on credit card interest rates will take effect, with JPMorgan Chase, Bank of America, Citigroup and others declining as analysts warned the cap could curb credit availability and impact consumer lending.

via HuffPost|

#banks #business #credit-card-rate-cap