Trump Sues Dimon $5B After CEO Opposes Credit Card Rate Cap

JPMorgan Chase CEO Jamie Dimon faced immediate retaliation after publicly opposing Trump’s proposal to cap credit card interest rates at 10%, which would slash rates roughly in half from their current average of 20%. On January 22, 2026, Trump filed a $5 billion lawsuit against JPMorgan Chase and Dimon in Florida state court, alleging the bank improperly “debanked” him following the January 6, 2021 Capitol attack. The lawsuit arrived one day after Dimon told attendees at the World Economic Forum in Davos that Trump’s affordability proposal would trigger “an economic disaster.”

Trump’s lawsuit exemplifies his use of federal power to punish corporate executives who contradict him. The president has investigated, sued, or brought criminal charges against perceived enemies including media companies CBS, the New York Times, and the Wall Street Journal. Trump threatened Apple with massive tariffs over CEO Tim Cook and blocked Exxon from entering Venezuela because he disapproved of CEO Darren Woods’ demeanor at a meeting. The filing demonstrates Trump weaponizing litigation as retaliation for speech that contradicts his agenda.

Corporate America has largely remained silent under Trump’s second term, with executives adopting an unofficial strategy of compliance to avoid becoming targets. When Trump imposed steep global tariffs last spring and began explicitly meddling in private company revenues—carving out government cuts from firms like Nvidia and Intel—business leaders stayed quiet. Trade groups drafted plans to oppose the administration but shelved them after worrying about inviting White House retaliation, according to CNN sources. Normally vocal business lobbies have been notably quiet, revealing how thoroughly Trump has chilled legitimate corporate speech.

Dimon and other Wall Street leaders broke ranks over the credit card rate proposal because it struck directly at banking’s profit engine. Citigroup CEO Jane Fraser stated the bank could not support a rate cap, and Bank of America CEO Brian Moynihan argued it would restrict credit availability. However, Dimon’s “economic disaster” comment—coming from Wall Street’s most prominent figure—represented the rare direct critique that prompted Trump’s swift legal action. Trump subsequently attacked Dimon publicly, falsely suggesting he profits from higher interest rates before announcing the lawsuit.

The pattern reveals authoritarian governance by retaliation: Trump uses his control over federal agencies and courts to punish dissent from business leaders whose compliance he demands. Dimon has not endorsed Trump, contradicting Trump’s false claims, yet the CEO still faced legal assault for opposing a specific policy. This abuse of executive power to settle personal grievances and enforce political loyalty demonstrates corruption at the core of Trump’s administration, where government becomes an instrument for silencing opposition and enriching those in the president’s favor.

(Source: https://www.cnn.com/2026/01/23/business/jamie-dimon-donald-trump)