U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member presses JPMorgan Chase CEO to back bill enabling state credit card interest rate caps

The U.S. Senate Committee on Banking, Housing and Urban Affairs released a letter from Ranking Member Elizabeth Warren to JPMorgan Chase CEO Jamie Dimon urging him to publicly support legislation that would allow states to impose and enforce credit card interest rate caps on national and out-of-state banks. The letter follows Dimon’s comments at Davos suggesting some states should impose a 10% credit card interest rate cap. Warren argued that, due to a 1978 Supreme Court case, states such as Massachusetts and Vermont cannot implement such caps without new federal legislation. She pointed to $160 billion a year in credit card interest charges, more than USD 1.2 trillion in credit card balances with average interest rates above 20% and around 30% for consumers with low credit scores, and USD 146 billion in credit card revenue last year earned by American Express, Capital One, JPMorgan Chase, and Citigroup. Warren cited the Empowering States’ Rights to Protect Consumers Act, which would amend the Truth in Lending Act of 1968 to require consumer lenders to comply with the interest rate limits of the states where their customers reside. She asked Dimon to confirm his support for the bill in writing by March 3, 2026.