President Donald Trump‘s sweeping victory in November was thanks in large part to building a campaign founded on fighting for the forgotten men and women of our country. Trump promised to look after families, and since Inauguration Day, he’s worked tirelessly to fulfill his promise to drive down skyrocketing prices.
However, one of the biggest roadblocks to Trump’s efforts is JPMorgan Chase CEO Jamie Dimon. He has been talking down the economy every chance he gets. For example, despite reports showing that inflation rose less than expected in May, Dimon warned in a recent interview not to get too excited about the economy’s success. He knows that expectations and consumer confidence are a big part of economic performance, so why is Dimon undercutting Trump’s momentum?
Part of it is simply his opposition to Trump. But what most people don’t know is that Dimon and the other titans of the credit card industry actually do better when prices rise. It seems impossible, right? But big banks and credit card companies take a percentage cut called swipe fees when you use your credit card. So, higher prices mean more money in their pockets, plain and simple.
Credit card companies have even admitted they profit from higher prices. On earnings calls, Visa has said “inflation has been positive for us” and “we’re a beneficiary of inflation.” And what is the biggest bank issuer of Visa and Mastercard credit cards that pulls in the most credit card swipe fees of any company in the nation? That would be JPMorgan Chase.
That’s right, the man insulting Trump’s success in bringing down prices profits more than anyone else from prices going higher. Dimon’s annual compensation was $39 million in 2024. When you know the facts, you understand that Dimon doesn’t want Trump to succeed in his main goal of bringing down prices. Dimon wants Trump to fail so prices keep going up. That way, Chase and Dimon automatically grab more swipe fees and line their own pockets.
Ultimately, the average American consumer eats the cost of those credit card swipe fees, with families paying nearly $1,200 a year on average in higher prices as a result. Dimon and the rest of the Wall Street crowd are simply bad for regular people on Main Street.
Thankfully, there is a way to deal with that problem and help regular people — bring down those huge credit card swipe fees that add to inflation for nearly everything Americans buy every day. Legislation to do that, the Credit Card Competition Act, has been championed by Sen. Roger Marshall (R-KS) and Rep. Lance Gooden (R-TX) and, in the last Congress, by a senator from Ohio, Vice President JD Vance. They all understand that people need relief, and the inflation pushed by Wall Street is no good for Main Street.
The Credit Card Competition Act would be the most significant single policy change that Washington, D.C., could make to slow inflation directly and help everyday consumers save money. It would do this by using market forces and requiring credit card companies to compete rather than by regulating prices. This would be a win-win for conservatives who want the market to work for all Americans.
Passing this legislation would also help rein in the troubling foreign dealings of major credit card companies that ultimately make Americans less safe. The Credit Card Competition Act would close a loophole that exists today that allows China’s credit card network to try to get into the U.S. credit card business. Visa and Mastercard have brought China UnionPay into the U.S. credit card security system, putting Americans’ financial data at risk.
Equally concerning is how Visa and Mastercard have continued to profit off Iran-backed militia groups in Iraq, who have used their preloaded cards to launder over $450 million in profit in 2023. That profit likely grew in 2024 as card transactions were up 60%, and while the U.S. Treasury recently asked the Iraqi central bank to block more than 200,000 militia-linked cards, the problem is far from fixed.
TRUMP STOKES CONGRESSIONAL SHOWDOWN OVER DC CRIME
It’s clear that Dimon, Visa, and Mastercard can’t be trusted to put America first, as Trump has from Day One. The Credit Card Competition Act is the only proposal in Congress to close the door on China UnionPay and remind these companies that American security should always remain paramount to their operations.
The bottom line is that what the Wall Street titans in the credit card industry want is exactly the opposite of what the president wants and what Americans need. Dimon, along with Visa, Mastercard, and their Wall Street brethren, has gotten away with ripping off Americans for too long. Trump’s victory shows ordinary Americans support his agenda, and Congress should follow suit by passing reforms such as the Credit Card Competition Act.
Vernon Jones served in the Georgia House from 1993 to 2001 and from 2017 to 2021.