Jamie Dimon calls Trump credit-card cap a “disaster”

One of President Trump's recent um. proposals that would directly affect. you. He's doing it uh to improve. affordability is to impose a 10% cap on. credit card rates. Is that a bad idea? >> It would be a economic disaster. And and and I I'm not making up cuz our. business, you know, we would survive it. By the way, you you would if you in the. worst case you'd have to have a drastic. reduction of the credit card business. I. mean drastic. I mean like 10%. I mean. like 80%. It would remove credit from. 80% of Americans and that is their. backup credit. And but I have a great.

idea. Since there's a huge disagreement. on this one, you know, between. Republicans and Democrats always I think. we should test it. And my view and I. can't do this, you know, because it'd be. uh anti-trust, but the government can do. it. They should force all the banks to. do it in two states. Vermont and Massachusetts. And see what happens. >> [laughter]. >> And and and then I think I think the. left will learn a real. everyone who thinks manipulating pot. prices it will learn a real lesson. And. the people crying the most won't be the. credit card companies. It'll be the.

restaurants, the retailers, the travel. companies, the schools, the. municipalities cuz people will miss. their water payments, their this payment. and that payment. It would be It would. be something else to watch. I think they. should test it.