JP Morgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon issued a warning Wednesday about President Donald Trump’s proposed 10% cap on credit card interest rates, calling it an “economic disaster” during remarks at the World Economic Forum in Davos, Switzerland.

Dimon: 80% of Americans Would Lose Credit Access

“It would remove credit from 80% of Americans, and that is their back-up credit,” Dimon said, though he added that JPMorgan would survive the impact. The banking chief emphasized that consequences would extend far beyond financial institutions.

“People crying the most will not be the credit card companies; it will be the restaurants, the retailers, the travel companies, the schools, the municipalities,” Dimon said.

Broader Industry Fallout Expected

The proposal has drawn criticism from across the financial sector. Citigroup Inc. (NYSE:C) outgoing CFO Mark Mason has expressed disapproval alongside Dimon. Mike Taiano of Moody’s Ratings said the cap would be credit negative for major card-issuing banks, squeezing net interest income, slowing loan growth and reducing volume-based revenues.

Industry experts have warned the impact could extend to airline loyalty programs, which generate billions from co-branded credit card partnerships. Delta Air Lines, Inc. (NYSE:DAL) generated approximately $2 billion from its American Express (NYSE:AXP) loyalty partnership in the third quarter of 2025, a 12% year-over-year increase.

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