Jamie Dimon, CEO of JPMorgan Chase, voiced his concerns over the inefficiency of the U.S. government in an interview with CNBC's Leslie Picker on Monday. He highlighted that the current administration under President Donald Trump is terminating thousands of federal employees and working towards dismantling agencies, such as the Consumer Financial Protection Bureau. Dimon expressed his belief that the government requires significant improvement and supported the Trump administration's initiative to scrutinize federal agencies and curb spending.
Dimon emphasized the need for a more competent government, stating:
"The government is inefficient, not very competent, and needs a lot of work." – Jamie Dimon
He further elaborated on his viewpoint by pointing out that inefficiency goes beyond mere waste and fraud, focusing on outcomes instead.
"It's not just waste and fraud, its outcomes." – Jamie Dimon
During the interview, Dimon also addressed questions regarding Elon Musk's proposed Department of Government Efficiency. He noted that while he supports efforts to enhance governmental efficiency, any potential overreach or illegal activity by such a department would ultimately be checked by the courts.
In addition to discussing governmental issues, Dimon touched upon several other topics, including the ongoing conflict in Ukraine, tariffs, and the status of the U.S. consumer. He also shared insights into JPMorgan Chase's recent push for their employees to return to the office full-time, highlighting the bank's stance on in-office work.
Dimon's remarks about government inefficiency were closely tied to the Trump administration's efforts to reorganize federal agencies and reduce spending. His comments reflect a broader concern among business leaders regarding the effectiveness of government operations and their impact on economic policy.