JPMorgan Chase chief executive officer Jamie Dimon’s annual shareholder letter seemed to take a shot at President Joe Biden, calling for “strong American leadership” in the face of numerous challenges facing the country.
“Even before the war in Ukraine jeopardized the world order, we were facing exceptional and enormous global challenges — nuclear proliferation (this is still the biggest risk to mankind, bar none, and made all the more stark by the war in Ukraine), threats to cybersecurity, terrorism, climate change, pressures on free and fair trade, and vast inequities in society,” Dimon wrote in his letter, which was released Monday.
“Critical to solving these problems is strong American leadership,” Dimon wrote. “American global leadership is the best course for the world and for America — and our leadership needs to articulate to its citizens why this is the case.”
In his letter, Dimon also calls on the U.S. to maintain its global competitiveness by promoting free enterprise within the economy.
Jamie Dimon: "I do not envy the Fed for what it must do next: The stronger the recovery, the higher the rates that follow (I believe that this could be significantly higher than the markets expect) and the stronger the quantitative tightening." https://t.co/6l0rw8CXb8
— Nick Timiraos (@NickTimiraos) April 4, 2022
“Freedom and its brother, free enterprise, properly regulated are answer–not unconstrained capitalism nor crony capitalism, where business uses government and regulations to maintain its position or strengthen its hand,” Dimon wrote.
Dimon also hammered government attempts to address pressing problems as “incomprehensible and uncoordinated” with “no forethought and no identification of desired outcomes.” The banking executive also targeted Democrats’ big spending agenda.
“Democrats should acknowledge Republicans’ legitimate concerns that money sent to Washington often ends up in large wasteful programs, ultimately offering little value to local communities,” Dimon wrote. “Democrats could acknowledge that while we need good government, it is not the answer to everything.”
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