Dimon Says Trump’s Card Cap Would Spell ‘Economic Disaster’ (1)

Jamie Dimon said President Donald Trump’s proposal to cap credit-card interest rates would spell “economic disaster” for the US, forcing banks to pull credit lines for many Americans.

Speaking at the World Economic Forum in Davos, Switzerland, the JPMorgan Chase & Co. chief executive officer said his firm will give a “real analysis” of the proposal to the government. JPMorgan has already provided some thoughts on the idea, “but not a lot,” Dimon said.

Trump earlier this month called for a one-year, 10% cap on credit card rates to go into effect on Jan. 20, a deadline that came and ...