JPMorgan Chase has indicated that the banking industry could take legal action against Trump's request to cap interest rates on credit cards, warning about the negative effects on the economy.

JPMorgan Chase has indicated that the banking industry may take legal action against President Donald Trump's request to impose a 10% cap on credit card interest rates. The bank's chief financial officer, Jeremy Barnum, stated that all options are on the table, emphasizing that poorly founded directives could radically change the bank's business model. Barnum warned that a cap on interest rates could lead to a reduction in the number of available credit card accounts and a decrease in spending in the economy, negatively affecting consumers. He also mentioned that there is no federal law allowing for interest rate capping, and a similar bill is stalled in Congress. Representatives from other industries, such as airlines, have expressed concerns that such a measure could destabilize the entire credit card industry. The Speaker of the House has called for caution in implementing these measures to avoid negative side effects on the economy.