The White House on Thursday directly called on JPMorgan Chase CEO Jamie Dimon to lower credit card interest rates, with President Donald Trump’s trade advisor, Peter Navarro, publicly accusing Dimon of criminal behavior.
During an interview on Bloomberg Radio, Navarro addressed Dimon directly, stating, “James Dimon, lower your friggin’ credit card interest rates. You are a criminal the way you charge the American people at 22, 25 and 30% and the president wants you to lower that.”
The demand from the administration comes as it seeks to address affordability concerns for American consumers. The pressure on Dimon is a direct attempt to cap credit card interest rates, according to reports.
Following Navarro’s remarks, shares of JPMorgan Chase fell 3% in Thursday morning trading, according to financial analysis firm TipRanks. The stock decline suggests investor reaction to the public rebuke of the company’s CEO and the potential for government intervention in credit card lending practices.
The White House’s intervention marks a significant escalation in the administration’s focus on financial sector practices. Navarro’s strong language and direct appeal to Dimon signal a willingness to publicly challenge corporate leaders on issues of consumer affordability.
As of Thursday afternoon, JPMorgan Chase had not issued a public response to Navarro’s comments or the White House’s demand. It remains unclear whether Dimon or the company will address the administration’s concerns or take steps to lower credit card interest rates.
