Business

JPMorgan Chase Warns Trump Rate-Cap Proposal ‘Very Bad for Consumers’

‘Instead of lowering the price of credit, we’ll simply reduce the supply of credit,’ the bank’s CFO said in an earnings call.
JPMorgan Chase Warns Trump Rate-Cap Proposal ‘Very Bad for Consumers’
The JPMorgan Chase & Co. headquarters along Park Avenue in New York on Sept. 20, 2016. Benjamin Chasteen/The Epoch Times
Andrew Moran
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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.
Andrew Moran
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."