As Democratic presidential nominee Kamala Harris makes her case to the enterprise group, one matter that’s continuously come up is whom she would appoint to high-ranking Treasury positions ought to she win the election.
JPMorgan Chase CEO Jamie Dimon was on the docket of the names mentioned this week on the Democratic Nationwide Conference inside Harris’s inside circle, an individual accustomed to the matter informed CNBC.
JPMorgan Chase didn’t reply to Fortune’s request to touch upon the matter.
The Wall Avenue veteran has been the chairman and CEO of JPMorgan Chase since 2006, and has typically spoken out in regards to the state of the American financial system. Earlier this month, he stated he has a plan to scale back America’s $35 trillion nationwide debt by specializing in rising the financial system to enhance the debt-to-GDP ratio and rebalancing the tax system for middle-income households.
“I’d spend the cash that helped make [America] a greater nation,” Dimon stated in an August interview with PBS Information. “So a few of it’s infrastructure, earned earnings tax credit (EITC), army. I’d have a aggressive worldwide tax system…after which I’d maximize progress.”
He additionally informed the Bipartisan Coverage Middle in January that he would pay for the EITC by taxing the rich extra, saying it might give “much-needed earnings to the people and communities most in want of it.”
That’s a robust sentiment coming from one of the crucial highly effective businessmen within the U.S. Dimon is value a whopping $2.4 billion, in keeping with Forbes. In 2023, Dimon’s pay hit an all-time excessive of $36 million, which some high Democrats took difficulty with. In August, Sens. Elizabeth Warren (D-MA) and Chris Van Hollen (D-MD) despatched a letter to Dimon requesting his wage be reduce as an alternative of imposing new charges on its 80 million retail clients.
And surprisingly—contemplating Dimon’s stance on taxing the rich—Republican presidential candidate Donald Trump has additionally stated he’s contemplating Dimon for the Treasury secretary place.
“He’s someone that I’d think about, positive,” Trump informed Bloomberg. Nevertheless, the previous president later denied that he ever floated Dimon’s title as Treasury secretary.
Regardless of the thrill round Dimon probably becoming a member of an administration, he has tried to tame earlier hypothesis a couple of White Home position or taking up a Treasury place, even hinting that he’s on his method to retirement sooner than anticipated. In Might, he informed shareholders the timetable for his retirement is “not 5 years anymore,” and the financial institution is “properly on the best way” with succession plans.
In an August op-ed written by Dimon printed by The Washington Publish, Dimon charged the subsequent president to “construct the perfect group,” referring to the cupboard and administration.
“The members of a president’s Cupboard and administration ought to mirror the whole nation,” Dimon wrote. “Tribal politics is not going to ship the perfect expertise and experience throughout the political spectrum. Put nation and Structure first.”
Neither the Harris marketing campaign nor the Trump marketing campaign responded to Fortune‘s request for remark.
Jamie Dimon’s Treasury credentials
Dimon is undoubtedly a prodigy within the enterprise world, and was acknowledged as a pacesetter very early on in his profession.
The Harvard Enterprise Faculty MBA grad began his profession as a administration guide in 1982, and rapidly ascended to management positions within the finance world. In 1986, he was appointed as chief monetary officer of Industrial Credit score at simply 30 years previous, and served as chief working officer of insurance coverage agency Vacationers and brokerage agency Smith Barney throughout the Nineteen Nineties. He grew to become president of Citigroup in 1998, and in 2000 was appointed as CEO of Financial institution One, overseeing the corporate till its merger with JPMorgan Chase in 2004. He grew to become CEO of America’s largest financial institution simply two years later.
Dimon additionally has expertise working with the Fed, having served on the board of administrators of the Federal Reserve Financial institution of New York within the 2010s.
Earlier this month, he downplayed how a lot Individuals ought to care in regards to the Fed’s benchmark price, which is at the moment at a greater than two-decade excessive of 5.25%-5.5%.
“I hate to say this—I don’t suppose it issues as a lot as different folks suppose,” Dimon informed CNBC in an early August interview.