Jamie Dimon profits from trashing Trump's economy
washingtonexaminer.com -- Friday, August 15, 2025, 6:28:54 AM Eastern Daylight Time
Categories: U.S.–China Relations, Economic Policy & Jobs, Presidential Campaigns
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.
Sign Our PetitionThe article highlights an important yet often overlooked intersection between corporate interests and the economic hardships faced by the average American consumer. Jamie Dimon, the CEO of JPMorgan Chase, represents a broader issue within the financial industry where profit motives can directly conflict with the economic well-being of the general populace. As inflation continues to burden countless families, it is critical to dissect how corporate structures, especially in the banking sector, benefit from rising prices while ordinary people bear the brunt of these economic strains.
To understand the dynamics at play, one must consider the historical context of credit card companies and their business models. Since their inception, credit cards have provided convenience but have also perpetuated a cycle of debt that disproportionately affects low- and middle-income families. The swipe fees that Dimon and other financial titans profit from serve as a microcosm of a larger capitalist structure that prioritizes profit over people. As prices rise due to inflation, these swipe fees increase in tandem, creating a scenario where the wealth gap widens while consumer debt skyrockets. This phenomenon isn't new; it has historical roots in the deregulation of the financial sector in the late 20th century, which allowed for practices that prioritize profit margins over consumer welfare—a trend that has continued into the present day.
Moreover, the article points to the Credit Card Competition Act as a potential remedy for the current situation. This proposed legislation aims to reduce swipe fees by fostering competition among credit card companies, which could ultimately lead to lower prices for consumers. It represents a rare bipartisan effort that acknowledges the harmful impact of corporate greed on everyday Americans, a recognition that transcends typical partisan divides. This proposal is not just about reducing costs; it is about reasserting consumers' rights in a marketplace that has been dominated by large corporations for far too long. By addressing the structural issues within the credit card industry, advocates of this act are pushing for a more equitable economic landscape.
Additionally, the article raises critical concerns about the national security implications of foreign involvement in the U.S. credit card system. The entry of foreign networks such as China's UnionPay into American financial systems poses risks not just to consumer data but also to the broader economic stability and sovereignty of the United States. This aspect of the discussion is vital, as it reveals how intertwined our financial systems are with international relations and national security. The fact that companies like Visa and Mastercard have profited from tumultuous relationships with foreign entities mirrors historical instances where corporate interests have compromised national integrity in pursuit of profit.
Ultimately, the broader narrative illustrates a stark reality: corporate interests often exploit economic crises for profit, while the average consumer is left to grapple with the fallout. The current economic state, characterized by inflation and rising living costs, is not merely an unfortunate circumstance; it is a direct result of systemic issues that favor the wealthy and powerful. As we consider the implications of these corporate practices, it is crucial to advocate for policies that protect consumers, promote fair competition, and hold corporations accountable for their role in economic disparities. The Credit Card Competition Act is a step towards that goal, representing a necessary shift towards prioritizing the needs of everyday Americans over the profits of corporate elites.
In conversations with those who may hold opposing views, it is essential to frame these discussions around the shared goal of economic fairness and consumer protection. Drawing attention to the systemic issues within the credit card industry and the broader implications of corporate greed can help foster a more nuanced understanding of the challenges we face. The urgent need for reform in this area is not a partisan issue; it is a matter of justice and equity that affects us all.
The recent revelations surrounding Jamie Dimon and the credit card industry shed light on a troubling dynamic that underpins our economy—one where the interests of corporate titans often stand in stark opposition to the welfare of average Americans. Dimon, as CEO of JPMorgan Chase, is positioned at the nexus of financial power, and his statements regarding inflation reveal a deeper truth: the financial sector thrives when consumer prices rise. This relationship between inflation and corporate profitability is not merely incidental; it is emblematic of a system that prioritizes Wall Street’s bottom line over Main Street’s needs.
Historically, the credit card industry has benefited from a lack of competition, allowing major players like Visa and Mastercard to impose hefty swipe fees on consumers. These fees, often hidden from plain sight, contribute significantly to the overall costs of goods and services. For many Americans, this translates to an annual burden of approximately $1,200—money that could otherwise support families, healthcare, education, or savings. The irony is palpable: while Dimon publicly criticizes economic policies that aim to reduce prices, his bank's profits are intrinsically linked to the very inflation he condemns. This contradiction serves as a stark reminder of how corporate interests can distort political discourse, creating a façade of opposition to economic hardship while simultaneously profiting from it.
Addressing this issue requires a multifaceted approach. First and foremost, public awareness is crucial. By educating ourselves and others about the mechanics of swipe fees and their impact on everyday life, we can foster a more informed electorate. This knowledge empowers citizens to hold their representatives accountable and advocate for necessary policy changes. The Credit Card Competition Act, introduced by bipartisan legislators, represents a significant step in the right direction. By promoting competition among credit card companies, this legislation seeks to drive down fees, ultimately benefiting consumers. Engaging with community organizations, participating in forums, and leveraging social media platforms to spread awareness can amplify this message and create a groundswell of support for such initiatives.
Moreover, advocating for stronger regulations on financial institutions is essential. The systemic risks posed by the intertwining of U.S. financial systems with foreign entities, such as China's credit card network, raise serious questions about national security and consumer protection. The potential for compromised financial data underscores the need for robust legislation that not only promotes competition but also safeguards American consumers from external threats. By pressing lawmakers to prioritize domestic security and consumer rights, we can help build a financial ecosystem that operates in the best interest of the public.
Ultimately, the problems presented by the credit card industry are indicative of a broader trend in which corporate interests have found their way into the fabric of our political and economic systems. To combat this trend, we must remain vigilant and proactive. Engaging in grassroots advocacy, supporting candidates who prioritize consumer rights, and pushing for transparency in financial dealings are all vital actions that can lead to meaningful change. By rallying around legislation like the Credit Card Competition Act and elevating the voices of those who are adversely affected by corporate greed, we can work together to reshape an economy that truly serves all Americans, not just the elite few.
Analyzing the implications of the article, several actionable steps can be taken to address the issues surrounding credit card swipe fees and their impact on the economy. Here’s a detailed list of personal actions, including specific petitions, contacts, and what to say:
### Personal Actions to Take
1. **Support the Credit Card Competition Act** - **Petitions**: Sign online petitions advocating for the Credit Card Competition Act. Websites like Change.org and MoveOn.org often have petitions targeting specific legislative actions. - **Example Petition**: Search for or create a petition on Change.org titled "Support the Credit Card Competition Act" to gain traction and gather signatures.
2. **Contact Your Elected Representatives** - **Who to Write**: Reach out to your Senators and Representatives, urging them to support the Credit Card Competition Act. - **Example Contacts**: - **Senator Roger Marshall (R-KS)**: Email via his Senate website or call his office. - **Rep. Lance Gooden (R-TX)**: Email via his House website or call his office. - **Vice President JD Vance (D-OH)**: Email via his Senate website or call his office. - **USPS Mailing Addresses**: - Senator Roger Marshall: 100 E. 9th St., Room 100, Topeka, KS 66612 - Rep. Lance Gooden: 1005 Longworth House Office Building, Washington, D.C. 20515 - Vice President JD Vance: 457 Russell Senate Office Building, Washington, D.C. 20510
3. **Draft a Letter or Email** - **What to Say**: - Express your support for the Credit Card Competition Act. - Highlight how high swipe fees contribute to inflation and negatively impact everyday consumers. - Mention the need for competition among credit card companies to lower fees and improve consumer protection. - Request their support in co-sponsoring or voting for the bill.
**Sample Text**: ``` Dear [Representative/Senator's Name],
I am writing to express my strong support for the Credit Card Competition Act. As a concerned citizen, I am troubled by how high credit card swipe fees contribute to inflation and place an undue burden on everyday Americans.
It is essential that we encourage competition among credit card companies to bring down these fees, which ultimately lead to inflated prices for consumers. This legislation can provide much-needed relief for families who are struggling with rising costs.
I urge you to co-sponsor and support the Credit Card Competition Act to ensure financial fairness for all Americans.
Thank you for your time and consideration.
Sincerely, [Your Name] [Your Address] [Your Email] ```
4. **Engage in Community Advocacy** - Organize or participate in local community meetings to discuss the impact of credit card swipe fees. - Collaborate with local advocacy groups to raise awareness about the Credit Card Competition Act and its benefits.
5. **Utilize Social Media for Awareness** - Post about the Credit Card Competition Act on platforms like Twitter, Facebook, and Instagram. - Use hashtags such as #CreditCardCompetitionAct, #EndSwipeFees, and #ConsumerProtection to reach a wider audience. - Share personal stories or statistics about how swipe fees impact your community to engage others.
6. **Educate Others** - Share articles and resources about credit card fees and the Credit Card Competition Act with friends and family. - Host informational sessions or webinars to discuss the implications of swipe fees and the importance of this legislation.
By taking these steps, individuals can contribute to the movement advocating for the Credit Card Competition Act and help foster a more equitable financial environment for all consumers.