Jamie Dimon Weighs In On Trump Win, Policies The Admin Should Focus On

JPMorgan Chase CEO Jamie Dimon explained his reasons for President-elect Donald Trump’s victory over Vice President Kamala Harris in an interview released this weekend.

Dimon did an interview CBS “60 Minutes.” Reporter Leslie Stahl says he has observed frustration among American voters with government policies and the issues political leaders have focused on.

“People were angry at everything they called government – ‘swamp’. The ineffective government. People wanted more growth and trade policies. They didn’t want to be constantly lectured on social policies. It’s social supremacy one way or the other. I traveled across the country; I felt it everywhere I went; ›› Dimon said.

Stahl asked Dimon if he understood there was a “gloomy feeling about the economy.”

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“I understand, because I think there are a lot of legitimate concerns that Americans have,” Dimon said.

Ticker	Security	last one	Change	change %
JPM	JPMORGAN CHASE & COMPANY	239.87	-3.26	-1.34%

Dimon went on to add to that frustration with inflation and the disconnect between government policy priorities and the results of those policies in rural communities.

“It was inflation, it was all the money that was given. If you go to a rural area and see all the things that have been done, things like EV credits, you don’t see all these green things. You see, they still didn’t have jobs, their incomes didn’t go up, their schools didn’t work,” he explained. When you analyze what has happened in our society, you have to be very careful about why people look at this and say, ‘This didn’t work for me.'”

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In an extended interview with CBS, Dimon said government bureaucracy is putting pressure on small businesses and creating a negative outlook on economic opportunity, as well as frustration with government agencies.

“Everyone who deals with the federal government, especially small businesses, knows that bureaucracy is unusual. We all laugh now. “I can’t get a license, I can’t get a certificate of residence, I can’t. “If I get this, this law says don’t do that, people don’t have to go to work anymore,” he explained.

“All of these things have to change. I think it’s driving a lot of low morale and anger at the government, and so it needs to be fixed. The government needs to show its effectiveness,” Dimon said.

Asked what policy advice Trump would give to his second term, Dimon pointed to immigration reform and border security.

“Immigration, border security rights and then get proper immigration — legal immigration. Desirable immigration. Whether it’s seasonal workers or H-1B visas, by the way, I think most people agree,” he explained.

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Stahl asked Dimon if there was something “unsettling” with the US economic system as the wealth of high-income Americans increased.

“What else is there?” I think you have to be very careful to say that. You want a healthy economy, and you want a healthy economy to help all Americans, and you can cry at the moon. “If there are inequities that created some of that wealth, they need to be fixed.”

“If I were king for a day, I would probably change some of the tax laws, which I won’t give you the details of. It doesn’t cut as much as you think it should,” Dimon said.

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JPMorgan’s CEO proposed a different tax policy and said he would double the Earned Income Tax Credit, which would boost incomes for low- and middle-income working families. “That alone puts more money into the pockets of low-income people, into their communities, into their families,” he said.