JPMorgan Chase & Co.’s Jamie Dimon says U.S. lawmakers are failing the country in their inability to reach a compromise on fiscal stimulus.
“We have this big debate: Is it $2.2 trillion, $1.5 trillion? You’ve got to be kidding me,” Dimon, the chief executive officer of the biggest U.S. bank, said at a virtual New York Times conference. “Just split the baby and move on. This is childish behavior.”
Talks over additional stimulus have been stalled for months over the size and makeup of such a package. House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer on Tuesday asked Senate Majority Leader Mitch McConnell to resume talks, while McConnell reiterated his support for a bill of about $500 billion.
A stimulus package is needed as a bridge for the economy as the world waits for vaccines to be widely distributed next year, Dimon said. He said there is “deep, deep frustration” across the country, particularly among low-income groups that have been hit the hardest by rising unemployment. The CEO said he sees valid arguments on both sides of the aisle, but that a compromise should be attainable.
Dimon, 64, said he has never coveted the job of Treasury Secretary and will help whoever fills that position. The longest-serving major bank CEO, he has been leading JPMorgan for almost 15 years.
This article was provided by Bloomberg News.