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JPMorgan Warns 10% Credit Card Rate Cap Would Backfire on Consumers and Economy


JPMorgan Chase's chief financial officer Jeremy Barnum pushed back hard on Tuesday against President Donald Trump's proposed 10% cap on credit card interest rates, calling the measure "very bad for consumers" and "very bad for the economy" during a call with reporters. The proposed one-year cap, w...

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Banks criticize President’s push for 10 percent credit card interest rate cap | Financial institutions and other credit card issuers say the cap, which the president wants in effect by Jan. 20, would limit consumers’ access to credit.

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