JPMorgan Chase and Bank of America will match the US government’s $1,000 contribution to Trump accounts for their US employees. The program, part of the One Big Beautiful Bill Act, provides tax-advantaged investment accounts for American children born between January 2025 and December 2028.
JPMorgan CEO Jamie Dimon expressed commitment to employee financial health by supporting early savings and family financial planning. Bank of America also affirmed its dedication to employees by matching the federal program. Major companies like Bank of New York Mellon, Intel, BlackRock, and others are also participating.
JPMorgan, Bank of America, and other banks face pressure from President Trump to cap credit card interest rates at 10% for one year. Executives warn of unintended economic consequences, pushing back against the proposal. It remains uncertain how interest rate caps could be enforced without legislation.
Bank of America CEO Brian Moynihan emphasized affordability, cautioning against limiting credit card rates. JPMorgan CEO Jamie Dimon echoed concerns, calling potential rate caps an “economic disaster.” The debate continues as big banks navigate the implications of such government interventions.
Read more at Yahoo Finance: JPMorgan, Bank of America announce $1,000 Trump account match as corporate America support for retirement scheme deepens