Jamie Dimon admitted he acquired “various complaints” after agreeing to enroll in President Trump’s CEO advisory council.
however the JPMorgan CEO made it sound like a no brainer, explaining he just needs the usa to do well.
“whilst you get on the airplane, you better be rooting for the success of the pilot,” Dimon informed Yahoo Finance all over a city corridor adventure on Tuesday.
“i’m a patriot. i will do what i will to help the united states of the usa; that features helping whoever is president,” he mentioned.
Dimon, a former backer of President Obama and different Democrats, emphasized that his choice to sign up for Trump’s Strategic and coverage discussion board is just not confused as a wholesale endorsement of Trump.
requested if he concurs with the whole thing Trump proposes, Dimon said “absolutely not.”
“Mr. Trump would not even consider the whole lot he stated himself,” Dimon joked.
And Dimon himself does not appear to accept as true with Trump’s harsh rhetoric on Dodd-Frank, the 2010 Wall street reform regulation.
Trump on Tuesday promised to “do a very major haircut on Dodd-Frank” and noted it as an example of “horrendous” law that his administration is “absolutely destroying.”
related: Trump promises to lend a hand bankers ‘petrified’ of regulators
but Dimon’s intently-watched annual shareholder letter took a more moderate tone.
yes, Dimon mentioned that “poorly conceived and uncoordinated rules” have hurt the U.S. financial system.
however the JPMorgan (JPM) chief said “we’re no longer looking to throw out the entirety of Dodd-Frank or other principles.”
within the letter released Tuesday, Dimon even argued that due to legislation, the odds of another cataclysmic bank crumple like Lehman Brothers were substantially reduced.
“there may be a lot more capital within the device that the possibility of failure is actually small,” Dimon stated, adding that “we will have to congratulate the regulators” for stabilizing the device after 2008.
by contrast, Trump gave the impression to blame the regulators. He said the regulators, not the CEOs, are the ones “operating the banks” these days. financial institution CEOs are “terrified of the regulators. they’re petrified,” Trump mentioned.
Dimon is solely the newest big CEO to shield his ties to Trump.
Elon Musk took to Twitter in February to provide an explanation for why he agreed to remain on Trump’s advisory panel despite the uproar in Silicon Valley over his immigration policies.
“I imagine this is doing just right, so will remain on council & maintain at it. Doing otherwise could be mistaken,” Musk tweeted.
then again, Uber CEO Travis Kalanick stepped down from the advisory council, pronouncing he didn’t want his place to be “misinterpreted” as an endorsement of Trump’s agenda.
Dimon is using his influential role to name out explicit issues that Washington wants to fix, including corporate taxes, immigration and education.
The JPMorgan CEO seemed specifically exasperated about crumbling roads, bridges and different sorts of infrastructure Trump has pledged to rebuild.
“people may die. it’s superb to me we have not fixed this drawback,” Dimon mentioned.
Dimon said he believes Trump is “on course” and said he’s “very comforted” by using the president’s workforce of able advisers like Secretary of State Rex Tillerson and defense Secretary James Mattis.
“i’m optimistic as a result of the united states has this amazingly resilient political device,” Dimon said. “it’s been through far worse than today.”
CNNMoney (ny) First printed April 4, 2017: 4:fifty two PM ET
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latest financial news – CNNMoney.com
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