Overview
- White House adviser Peter Navarro publicly demanded Jamie Dimon lower JPMorgan’s card rates, calling current charges of roughly 22% to 30% unacceptable.
- An official White House “365 Wins” post claims the president directed credit card companies to cap rates at 10%, though the Jan. 20 target passed without broad issuer changes.
- Banking groups and major issuers warn a 10% ceiling would sharply restrict access to credit, with Dimon predicting severe cutbacks and the ABA citing extensive potential losses of credit.
- Average credit card APRs hover around 19.7% to 21.5%, highlighting how steep a reduction a 10% limit would represent, according to Federal Reserve data.
- A bipartisan Senate bill from Bernie Sanders and Josh Hawley proposes a five-year 10% cap, while the White House signals it will work with Congress after questions about unilateral authority.