Category World News

Jamie Dimon, the CEO of JPMorgan Chase, refrained from calling for a cap on credit card interest rates from the administration of US President Donald Trump, claiming that if Congress follows through, it will lead to “economic disaster.”

At the World Economic Forum in Davos, Switzerland on Wednesday, Dimon made his remarks.

Trump has called for legislation to require a year-long cap on interest rates on credit cards and has called for it to be done, but he has not provided a clear plan for how the cap will be implemented.

As Trump continued to call for the cap, Dimon said on Wednesday, “It would remove credit from 80% of Americans, and that is their backup credit.”

The Electronic Payments Coalition, a trade group for the banking industry, claims that credit cards for people with credit scores below 740, which account for up to 88 percent of credit card holders, could be closed or restricted if the interest rate cap is implemented.

Credit card issuers would only be required to impose limits on lending to those with credit scores below 600, and would need to lower rewards for those with FICO scores below 760. According to a report from Vanderbilt University for 2025, ten percent caps would save borrowers about $100 billion annually.

According to Trump, “surging credit card debt has been one of the biggest obstacles to saving for a down payment.”

The comments represent a rare instance of bipartisan agreement in Washington.

An unlikely alliance

Sen. Elizabeth Warren, a member of the Senate Banking Committee, claimed last week in an interview with CNBC that the president had called her to talk about working together on the proposal.

Warren responded, “Great, let’s get something done.”

Senator Bernie Sanders of Vermont’s proposed interest rate cap of 10%, which would be extended for a longer period of time, expire in 2031, is already in place, according to Trump’s comments. However, the legislation has been stumbling in Congress. In early February 2025, the Senate Committee on Banking, Housing, and Urban Affairs received its most recent report.

The president’s handling of the US economy is receiving more and more negative feedback as interest rates are being put in place. A recent CNN poll found that 63 percent of people disapprove of Trump’s handling of the economy, which was confirmed by a Wall Street Journal poll earlier this month.

Dimon said, “I believe we should test it.” Sanders and Warren represent in two states, Vermont and Massachusetts, and they should force them to do it, according to Sanders and Warren.

The credit card issuers won’t be the ones who cry the most. Because people will miss their water payments, this payment, and that payment, Dimon said, “it will be the restaurants, retailers, travel companies, travel companies, schools, municipalities.”

While his credit card interest rate idea is making headlines, “President Trump is still awaiting real people’s savings.” He claimed interest rates would be capped by January 20 last week, but this week he claims Congress is required to assist him. According to Julie Margetta Morgan, president of the economic think tank The Century Foundation, it’s still to be seen whether he’s serious about fulfilling his promise.

political challenges

There are slim chances that this bill will be passed by Congress, according to Citigroup CEO Jane Fraser and banking executives like Dimon.

The bill will face obstacles in Congress in addition to Trump’s and progressive Democrats’ support. Republican House Speaker Mike Johnson earlier this month predicted that the proposal might have “negative secondary effects.”

The president won’t attempt to personally set credit rates because he is asking Congress to pass legislation. According to Brian Jacobsen, chief economic strategist at Annex Wealth Management, it is highly unlikely that a 10 percent cap will be implemented anytime soon. If it doesn’t happen, it does give him the opportunity to point the finger at Congress.

In response to Dimon’s comments, bank stocks and credit card companies on Wall Street are largely in the minority. Both MasterCard and Visa have declined by 1.1 percent and by 1.7 percent respectively. American Express, on the other hand, has increased by 1.9 percent since the market’s opening on Wednesday.

The Washington Post requested that the US government stop reviewing the documents it seized from one of its reporters, and a judge granted that request.

Press freedom advocates claim that the seized materials by journalist Hannah Natanson violate her First Amendment rights and pose a threat to journalism as a whole as a result of the temporary order.

The federal government was ordered on Wednesday to wait until a hearing could be held on February 6 before filtering through the seized materials.

According to Porter, the US Department of Justice could respond to The Washington Post’s complaint with a pause.

A federal investigation is not being conducted in Natanson. Additionally, the US has long-established regulations and laws protecting journalists’ freedom to report on sensitive matters from whistleblower sources.

However, a search warrant was executed on January 14 for Natanson’s residence by the president’s administration. She has been reporting on changes to the federal government under Trump for the past year, and 1, 169 new sources have contacted her with information.

The Justice Department argued that a search warrant was required to find out more about government contractor Aurelio Luis Perez-Lugones, who was detained on January 8 for allegedly removing classified documents.

However, the sweep of Natanson’s home resulted in the removal of her work computer, Post-issued cellphone, personal MacBook Pro, 1-terabyte hard drive, voice recorder, and Garmin watch.

Lawyers argued in court documents that Natanson’s electronics were “years of information about past and current confidential sources and unpublished newsgathering materials, including those she was using for current reporting.”

According to the complaint, “abandoned data may not even be relevant to the warrant, which only requests records from or relating to a single government contractor.”

According to the complaint, the six seized items included a lot of data about her journalism career.

More than 30 000 Post emails from the past year alone are included in Natanson’s “devices,” it claims.

The Post is scheduled to file a federal court in Virginia in response to the Justice Department’s request for the return of the materials.

The government keeps its hands on these materials every day, and the outrageous seizure of our reporter’s confidential newsgathering materials stifles speech, cripples reporting, and causes irreparable harm, the newspaper reported in a statement.

We have requested that the court prevent the use of all seized items and require their immediate return. Anything less would allow for-going newsroom searches and restore censorship to the original search warrants.

The Trump administration has come under fire for its combative approach to the media, and its critics claim that it is attempting to erode the right to free speech through legal protest.

Trump and his supporters have, however, stated that they are still working with the government to find “leakers” who leak sensitive information to the media.

Natanson was accused of “reporting classified and illegally leaked information,” according to Attorney General Pam Bondi.

In a social media post, she wrote that Perez-Lugones is currently behind bars.

The Trump administration will not tolerate classified information that is knowingly leaked, putting our country at risk for national security and the brave people who serve our country.

Karoline Leavitt, a press secretary for the White House, reiterated that statement and that the Trump administration would have the right to file a lawsuit against anyone found to be using illegal methods.

She said, “The administration is not going to tolerate leaks, especially those coming from the US government’s national security apparatus,” without going into detail.

Anyone who violates the law, whether it’s a journalist or an employee of a federal agency will face legal action.

The US Constitution’s First Amendment provides that no law can be passed that would “abolish the freedom of speech or the press.”

The Supreme Court has ruled over the years that while the government may ban the media from “clear and present danger,” it must also burden the authorities to establish that a threat exists.

In one of the cases, New York Times v. United States in 1971, The Washington Post participated.

A youth organization in the Palestinian Aida refugee camp in Bethlehem, occupied West Bank, has refuted reports that Israel has suspended plans to destroy a nearby football pitch, claiming that it has not been given any formal notice to do so.

The Aida Youth Centre’s head, Munther Amira, stated on Wednesday that no formal document had been provided to confirm reports that Israel had responded to international pressure and had suspended the demolition order.

Reports suggested that Israel had acted in response to international football associations FIFA and UEFA, which oversee the country’s football stadium, to prevent the planned demolition of the pitch, which is near Israel’s border with Bethlehem.

Amira stated that neither the court nor the Israeli government have provided any official confirmation of this information. These remain unconfirmed media reports with no official basis for Aida camp, the youth center, and the Aida sports team.

“Save the Pitch,” please.

In an effort to stop Israel from imposing the demolition order on the refugee camp’s only sporting facility, the Aida Youth Centre launched a global campaign called “Save the Pitch” in recent weeks.

The pitch’s manager, Amira, claimed uncertainty has plagued the area since November.

After storming the camp and placing the notice on the pitch’s main gate, Israeli occupation forces issued the first demolition order against the football pitch on November 3.

According to him, the first demolition order referenced “security concerns,” claiming that the pitch posed a threat because it was close to the camp’s illegal separation wall.

Amira said, “We’ve been living on edge since we’ve had to demolish the pitch, which represents hope for more than 250 camp children and young people,” repeatedly.

He added that Israel, which holds the leasehold to the pitch and issued a second demolition order on December 31 before the refugee camp’s Popular Committee for Services petitioned an Israeli court, decided to postpone the demolition until January 18.

Amira explained that the center was given an additional seven days to carry out the demolition themselves by the Israeli army.

Amira claimed that this would not occur because they told us to either destroy the pitch ourselves or to force us to do it.

A deal with the Bethlehem Municipality, according to Saeed al-Azzha, the head of Aida’s Popular Committee for Services, allowed the use of the land to construct a football field, a theater, and a public garden. Israel prevented the construction of the garden and the pitch, according to him, but the committee constructed both the pitch and the theater.

Al-Azzha emphasized that the pitch was constructed legally on leased land held by the Armenian Church.

Palestinian sport is being targeted.

The demolition order violates the United Nations Convention on the Rights of the Child, which Israel has ratified, and prevents hundreds of children from exercising their right to play sports and develop in a safe and healthy environment, according to the Palestinian Football Association (PFA).

The PFA claimed that the decision is a result of what it called an Israeli-style Israeli policy that targets Palestinian sports, which has resulted in the total or partial destruction of almost 300 sports facilities.

The demolition order caused deep sadness in the AOD football team from the Aida Youth Centre.

Rimas Sarhan, 18, said, “I started my sporting life and playing football on this pitch.”

“I can’t believe that Israel has chosen to destroy it,” I said. Why is it asked? What danger does this pitch present?” she stated.

Mohammed Jadou, a 10-year-old, also has issues with the choice. During a training session, he said, “I don’t understand why the Israeli army wants to destroy the pitch.” We don’t hurt anyone, they say. Where will we play if they don’t demolish it, I hope?

There is still a lingering concern that Israel will be motivated to target more sports facilities in the occupied West Bank, where it has conducted nearly daily military raids for the past three years.

Anan Shehadeh, a journalist for Palestinian sport, told Al Jazeera that Israel has long seen Palestinian sport as a vehicle for political expression and national identity, able to show the world the Palestinian story.

He recalls that Israel had threatened to destroy it before the opening of Majed Asad Stadium on April 14, 2011, which was attended by Sepp Blatter, the then-President of FIFA.

He claimed that “at the time, international and legal efforts prevented that demolition.” However, Israeli threats now cover almost every sports facility in Palestine.

Shehadeh continued, “Israel targets the Palestinian sporting spirit when it targets sport.” It aims to “push young people into dangerous environments and stop them from serving as ambassadors for their country.”

Shehadeh claimed that Israel’s genocidal war on the Strip had also devastated the Palestinian sport industry in Gaza.

He claimed that the sports infrastructure in Gaza has been almost completely destroyed over the past two years, while that in the West Bank have been heavily targeted through arrests and checkpoints.

Shehadeh cited the Palestinian national football team’s impressive recent performances as evidence that “despite all these measures, Israel has not yet abandoned sport.”

appeals to international sports organizations

Israeli athletics have been suspended since the start of the war, activities have been cut to a minimum, and there has been a significant decline in performance across many sports and national teams, according to Nader al-Jayousi, the technical director of the Palestine Olympic Committee.

According to al-Jayousi, “We are seeing growing engagement among Palestinian athletes.” Stopping sport would mean destroying hope, according to the saying, “We must preserve hope and continue it.”

He added that Palestinian authorities have reached out to international sporting organizations, providing evidence of Israeli violations of Palestinian sport in the hands of FIFA and other international organizations.