The White House intensified its push on large lenders to lower consumer borrowing costs, directing specific comments at JPMorgan Chase & Co.'s chief executive. During a Bloomberg Radio interview, White House trade adviser Peter Navarro singled out Jamie Dimon, accusing him of charging Americans excessively high rates and urging an immediate reduction.
Navarro used strong language to characterize the interest rates many cardholders face, calling them "criminal" and citing examples of rates "22, 25 and 30%". He addressed Dimon directly, saying:
"James Dimon, lower your friggin’ credit card interest rates," Navarro said. "The president wants you to lower that."
In the same interview, Navarro advised that Dimon should "refrain from commenting on other public policies" until the bank took steps to bring rates down.
The administration's stance is consistent with President Donald Trump’s proposal to impose a one-year cap of 10% on interest rates. That proposal has met opposition from major financial institutions and card issuers. Banking leaders have warned that such a cap would lead to unintended consequences across consumer credit markets.
Jamie Dimon has cautioned that implementing a hard cap at that level could trigger an "economic disaster," arguing that many lenders might respond by withdrawing credit lines from consumers. Banking executives say a rate ceiling would make it harder to extend cards to borrowers with lower credit scores and could push those consumers toward costlier alternatives.
Executives and industry representatives contend that restricting allowable interest rates could reduce access to traditional card-based credit for higher-risk borrowers, potentially driving some to seek short-term, high-cost lending options such as payday loans.
The public exchange highlights the administration's focus on affordability measures for consumers and underscores the tension between policymakers advocating for lower borrowing costs and financial institutions emphasizing credit availability and risk management.
Summary: The White House, through trade adviser Peter Navarro, called on JPMorgan CEO Jamie Dimon to lower credit card interest rates, echoing President Trump’s push for a temporary 10% cap. Banks warn such a cap could prompt a withdrawal of credit lines and reduce access for riskier borrowers.