New Delhi, Jan. 21 -- JPMorgan Chase CEO Jamie Dimon on Wednesday (January 21) warned that President Donald Trump's proposed 10% cap on credit card interest rates would be an "economic disaster," saying it would shut millions of Americans out of the credit system.

Speaking at the World Economic Forum in Davos, the head of the largest US bank said the proposal would make unsecured lending unviable.

"Eighty percent of Americans will lose access to credit if this moves forward," Dimon said.

The Trump administration has argued the cap would improve affordability for everyday consumers.

Dimon said the fallout would ripple across the economy, far beyond banks.

"People crying the most will not be the credit card companies, it will be the re...