The White House is escalating pressure on JPMorgan Chase CEO Jamie Dimon to lower credit card interest rates, aligning with President Donald Trump’s push to address affordability concerns.
White House trade adviser Peter Navarro delivered a blunt message during a Bloomberg Radio interview Thursday.
“James Dimon, lower your friggin’ credit card interest rates. You are a criminal the way you charge the American people at 22, 25 and 30% — and the president wants you to lower that,” Navarro said.
“Jamie, until you do that, please refrain from commenting on other public policies.”
Navarro’s remarks come as Trump calls for a one-year, 10% cap on credit card interest rates. The proposal has drawn opposition from major banks and card issuers.
Dimon warned last month that imposing a 10% ceiling would trigger an “economic disaster,” arguing it would force lenders to cut back credit availability.
Bank executives contend that a cap would disproportionately affect consumers with lower credit scores, potentially pushing them toward payday lenders and other high-cost borrowing options.
Still, Trump has intensified pressure on financial institutions as he seeks to show voters he is tackling cost-of-living concerns ahead of November’s midterm elections.
Polls consistently rank the economy as voters’ top issue, and the president has faced criticism over his handling of it.
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