White House trade adviser Peter Navarro described the 22%-30% interest rates charged on credit card debt as “criminal” and said, “James Dimon, lower your friggin’ credit card interest rates,” according to a media report on Thursday.
In addressing JPMorgan Chase’s (JPM) chairman and CEO, Navarro told Bloomberg Radio, “Jamie, until you do that, please refrain from commenting on other public policies.”
The comments come as the White House seeks to assure voters that it’s taking affordability issues seriously ahead of the midterms in November. Last month, President Donald Trump called for a year-long 10% cap on credit card interest.
Since then, many bank CEOs have pushed back, saying keeping interest rates that low would hurt credit availability for lower-income consumers and those with low credit scores. Instead, they would be forced to turn to more expensive and less reliable sources of credit, such as payday lenders.
Dimon, during the company’s Q4 earnings call, said that such a severe cap would end up punishing consumers. “People will lose access to credit, like on a very, very extensive and broad basis, especially the people who need it the most,” he said.
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