JPMorgan Chase warned on Jan. 13 that President Donald Trump’s proposal for a one-year cap on credit card interest rates would be “very bad for consumers.”
On an earnings call with analysts and reporters, JPMorgan Chase CFO Jeremy Barnum pushed back against the president’s idea, saying it would backfire and reduce credit availability.
“If it were to happen, it would be very bad for consumers, very bad for the economy,” Barnum said. “Our belief is that, actually, this will have the exact opposite consequence to what the administration wants.”
The bank would also likely have to alter its business and scale back, he added….
JPMorgan Chase Warns Trump Rate-Cap Proposal ‘Very Bad for Consumers’
