How business leaders are responding to Trump's plan to cap credit card interest rates, from JPMorgan to SoFi

"In a post on Truth Social, Trump said on Friday he would call for a one-year cap of 10% on credit card interest rates, arguing that consumers are being "ripped off" by rates that he said can be as high as 20% or 30%. Congress, not the president, has the power to implement such a cap. Similar proposals have previously stalled on Capitol Hill."

"Siemiatkowski told CNBC in an interview on Monday that traditional credit cards are built to encourage consumers to put most of their spending on credit, and then carry big balances at steep interest rates. That dynamic, he said, pushes people to borrow more than they should and results in higher losses, especially among lower-income borrowers. "I think Trump is wise here and is proposing something that makes a lot of sense," Siemiatkowski told CNBC on Monday."

"JPMorgan's CFO said that Trump's plan could upend the company's business model. "It's a very competitive business, but we wouldn't be in it if it weren't a good business for us," said Jeremy Barnum during the company's fourth-quarter earnings call. "And in a world where price controls make it no longer a good business, that would present a significant challenge.""

President Donald Trump proposed a one-year 10% cap on credit card interest rates, saying consumers face rates up to 20%–30%. Congress holds the authority to implement such a cap and similar proposals have stalled previously. Major banks including JPMorgan Chase, UBS, and Citi warned a 10% cap could reduce access to credit and disrupt card business models. Some fintech leaders and other financial-sector figures praised the proposal as consumer protection. Klarna's CEO argued traditional card structures encourage high balances and shift costs onto lower-income borrowers. JPMorgan's CFO warned price controls could make the business unviable.

Read at Business Insider