The friction between the White House and Wall Street reached a boiling point yesterday. White House Trade Adviser Peter Navarro took to the airwaves to launch a direct, profanity-laced attack on JPMorgan Chase CEO Jamie Dimon, demanding a drastic reduction in credit card interest rates.
Thank you for reading this post, don't forget to subscribe!The Verbal Broadside
During a fiery appearance on Bloomberg Radio, Navarro labeled the current interest rates—which often climb as high as 30%—as “criminal.” He sidelined the usual diplomatic tone of trade policy to deliver a personal message to Dimon:
“James Dimon, lower your friggin’ credit card interest rates. Jamie, until you do that, please refrain from commenting on other public policies.”
The Policy Battleground
This exchange isn’t just a personal spat; it is the front line of a major legislative push. The administration is currently championing a temporary 10% cap on all credit card interest rates, framed as an emergency measure to tackle the cost-of-living crisis.
The two sides of the coin:
- The White House View: High interest rates are “predatory” and are “choking” the middle class. Navarro argues that banks received taxpayer help in the past and should now return the favor by easing the burden on consumers.
- The Banking View: Jamie Dimon has been a vocal critic, calling the 10% cap an “economic disaster.” Industry experts warn that if the cap is enforced, banks will simply stop lending to “high-risk” (lower-income) individuals, effectively cutting off their access to any legal credit.
