JPMorgan Chase CFO Jeremy Barnum suggested the industry may resist President Trump’s demand for credit card rate controls, stating “everything’s on the table.” Banks fear an interest rate cap could lead to fewer credit card accounts and reduced spending, potentially harming consumers and the economy. Average credit card rates in the US are currently 19.7%.

Barnum warned that limiting credit card rates could backfire, reducing credit availability rather than lowering prices. Banks believe complying with Trump’s demand could have negative consequences for consumers and the economy. Despite Trump’s warning of legal consequences for non-compliance, there is currently no US law capping credit card rates.

Industry insiders argue that implementing a 10% interest rate cap on credit cards would lead to a decrease in credit card accounts and spending, negatively impacting consumers and the economy. The proposed bill to limit credit card APRs at 10% for five years, introduced by Senators Josh Hawley and Bernie Sanders, is currently stalled in Congress.

Read more at CNBC: JPMorgan Chase says banks could fight