Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, issued a statement criticising large banks and their chief executives for opposing bipartisan efforts to cap credit card interest rates and for not adopting a voluntary interest rate cap. Warren said that, as of January 21, there was no “self-imposed interest rate cap on credit cards” by big banks, and criticised executives including JPMorgan Chase CEO Jamie Dimon for arguing that legislative action to cap credit card interest rates would be harmful. She also referenced big bank CEOs travelling to a ski resort in Switzerland and cited Dimon’s reported compensation of USD 770 million last year, concluding with a call to “pass a law” to implement an interest rate cap.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2026-01-21
U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member urges legislation to cap credit card interest rates
Senator Elizabeth Warren criticized large banks and their CEOs, including JPMorgan Chase's Jamie Dimon, for opposing bipartisan efforts to cap credit card interest rates and not adopting a voluntary cap, highlighting their travel to a Swiss ski resort and Dimon's USD 770 million compensation.