Exclusive: JP Morgan CEO Jamie Dimon rips crippling public policy
‘If we fix these policies, we’d be growing faster’
JP Morgan CEO Jamie Dimon publishes an annual letter to shareholders each year sharing words of wisdom about business, investing and politics.
This year, he will highlight why inadequate public policies are leaving him “frustrated” and what is “holding us back,” he told FOX Business’ Maria Bartiromo during an exclusive interview.
“If we fix these policies, we’d be growing faster,” he said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 249.76 | -0.14 | -0.06% |
JPMORGAN CHASE CEO JAMIE DIMON: US ECONOMY CAN CONTINUE TO 'HUM ALONG'
Dimon went on the rampage after noting that “slow growth” hurt the U.S. economy's bottom line.
“People should ask this question -- we grew at 20 percent in the last 10 years or so," he said. "It should have been 40 [percent]. The recoveries of major downturns before were 40 percent That’s $2 or $3 trillion of additional GDP. Who does that hurt? It hurt a lot of people. And we’ve done it to ourselves. It’s not trade, it’s not tax, [and] it’s not China.”
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Appropriate immigration procedures and education are crucial, Dimon said.
“We don’t have proper infrastructure policy," he said. "It takes so long to build them. Regulatory -- forget bank regulatory stuff -- but bank -- but regulations crippled the formation of small business today - -there are a lot of studies that show that. Our litigation system -- of course 1 percent more than everybody else.”
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Fortunately, tax policy changed for the better, Dimon noted, now that it’s driving capital flows into the U.S.