{"id":256578,"date":"2024-08-23T16:05:12","date_gmt":"2024-08-23T16:05:12","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/08\/23\/jamie-dimon-has-been-floated-for-treasury-role-by-both-parties\/"},"modified":"2025-06-25T17:11:52","modified_gmt":"2025-06-25T17:11:52","slug":"jamie-dimon-has-been-floated-for-treasury-role-by-both-parties","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/08\/23\/jamie-dimon-has-been-floated-for-treasury-role-by-both-parties\/","title":{"rendered":"Jamie Dimon has been floated for Treasury role by both parties"},"content":{"rendered":"<p> [ad_1]<br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2024\/08\/GettyImages-2152634525-e1724427180721.jpg?w=2048\" \/><\/p>\n<p>As Democratic presidential nominee <a href=\"https:\/\/fortune.com\/2024\/08\/23\/kamala-harris-dnc-speech-accepting-nomination\/?utm_source=search&amp;utm_medium=suggested_search&amp;utm_campaign=search_link_clicks\" target=\"_self\" aria-label=\"Go to https:\/\/fortune.com\/2024\/08\/23\/kamala-harris-dnc-speech-accepting-nomination\/?utm_source=search&amp;utm_medium=suggested_search&amp;utm_campaign=search_link_clicks\" class=\"sc-93594058-0 hoNHBb\" rel=\"noopener\">Kamala Harris<\/a> makes her case to the business community, one topic that\u2019s frequently come up is whom she would appoint to high-ranking Treasury positions should she win the election.\u00a0<\/p>\n<div>\n<p><a href=\"https:\/\/fortune.com\/company\/jpmorgan-chase\/\" target=\"_self\" aria-label=\"Go to https:\/\/fortune.com\/company\/jpmorgan-chase\/\" class=\"sc-93594058-0 hoNHBb\" rel=\"noopener\">JPMorgan Chase<\/a> CEO Jamie Dimon was on the docket of the names discussed this week at the Democratic National Convention within Harris\u2019s inner circle, a person familiar with the matter told <a href=\"https:\/\/www.cnbc.com\/2024\/08\/21\/harris-business-allies-taxes-trump.html\" target=\"_blank\" aria-label=\"Go to https:\/\/www.cnbc.com\/2024\/08\/21\/harris-business-allies-taxes-trump.html\" rel=\"noopener\" class=\"sc-93594058-0 hoNHBb\">CNBC<\/a><em>. <\/em><\/p>\n<p><a href=\"https:\/\/fortune.com\/company\/jpmorgan-chase\/\" target=\"_blank\" aria-label=\"Go to https:\/\/fortune.com\/company\/jpmorgan-chase\/\" class=\"sc-93594058-0 hoNHBb\" rel=\"noopener\">JPMorgan Chase<\/a> did not respond to <em>Fortune<\/em>\u2019s request to comment on the matter.\u00a0<\/p>\n<p>The Wall Street veteran has been the chairman and CEO of JPMorgan Chase since 2006, and has often spoken out about the state of the American economy. Earlier this month, he said he has a <a href=\"https:\/\/fortune.com\/2024\/08\/15\/jamie-dimon-warren-buffett-rule-tax-income-national-debt\/?utm_source=search&amp;utm_medium=suggested_search&amp;utm_campaign=search_link_clicks\" target=\"_self\" aria-label=\"Go to https:\/\/fortune.com\/2024\/08\/15\/jamie-dimon-warren-buffett-rule-tax-income-national-debt\/?utm_source=search&amp;utm_medium=suggested_search&amp;utm_campaign=search_link_clicks\" class=\"sc-93594058-0 hoNHBb\" rel=\"noopener\">plan to reduce<\/a> America\u2019s <a href=\"https:\/\/fortune.com\/2024\/07\/18\/jamie-dimon-next-president-address-national-debt-market-crisis\/\" target=\"_self\" aria-label=\"Go to https:\/\/fortune.com\/2024\/07\/18\/jamie-dimon-next-president-address-national-debt-market-crisis\/\" class=\"sc-93594058-0 hoNHBb\" rel=\"noopener\">$35 trillion national debt<\/a> by focusing on growing the economy to improve the debt-to-GDP ratio and rebalancing the tax system for middle-income families. <\/p>\n<p>\u201cI would spend the money that helped make [America] a better country,\u201d Dimon said in an August interview with <a href=\"https:\/\/www.youtube.com\/watch?v=PNhtUHdndQ0\" target=\"_blank\" aria-label=\"Go to https:\/\/www.youtube.com\/watch?v=PNhtUHdndQ0\" rel=\"noopener\" class=\"sc-93594058-0 hoNHBb\">PBS News<\/a>. \u201cSo some of it is infrastructure, earned income tax credits (EITC), military. I would have a competitive international tax system\u2026and then I would maximize growth.\u201d<\/p>\n<p>He also told the Bipartisan Policy Center in January that he would pay for the EITC by taxing the wealthy more, saying it would give \u201cmuch-needed income to the individuals and communities most in need of it.\u201d<\/p>\n<p>That\u2019s a powerful sentiment coming from one of the most powerful businessmen in the U.S. Dimon is <a href=\"https:\/\/fortune.com\/2024\/03\/13\/jamie-dimon-management-advice-firing\/\" target=\"_self\" aria-label=\"Go to https:\/\/fortune.com\/2024\/03\/13\/jamie-dimon-management-advice-firing\/\" class=\"sc-93594058-0 hoNHBb\" rel=\"noopener\">worth a whopping $2.4 billion<\/a>, according to <a href=\"https:\/\/www.forbes.com\/profile\/jamie-dimon\/\" target=\"_blank\" aria-label=\"Go to https:\/\/www.forbes.com\/profile\/jamie-dimon\/\" rel=\"noopener\" class=\"sc-93594058-0 hoNHBb\"><em>Forbes<\/em><\/a><em>. <\/em>In 2023, Dimon\u2019s pay hit an all-time high of <a href=\"https:\/\/fortune.com\/2024\/01\/19\/jamie-dimon-jpmorgan-2023-pay-record-salary\/\" target=\"_self\" aria-label=\"Go to https:\/\/fortune.com\/2024\/01\/19\/jamie-dimon-jpmorgan-2023-pay-record-salary\/\" class=\"sc-93594058-0 hoNHBb\" rel=\"noopener\">$36 million<\/a>, which some top Democrats took issue with. In August, Sens. Elizabeth Warren (D-MA) and Chris Van Hollen (D-MD) <a href=\"https:\/\/fortune.com\/2024\/08\/09\/jpmorgan-chase-dimon-warren-checking-accounts\/?utm_source=search&amp;utm_medium=suggested_search&amp;utm_campaign=search_link_clicks\" target=\"_self\" aria-label=\"Go to https:\/\/fortune.com\/2024\/08\/09\/jpmorgan-chase-dimon-warren-checking-accounts\/?utm_source=search&amp;utm_medium=suggested_search&amp;utm_campaign=search_link_clicks\" class=\"sc-93594058-0 hoNHBb\" rel=\"noopener\">sent a letter to Dimon<\/a> requesting his salary be cut instead of <a href=\"https:\/\/fortune.com\/2024\/07\/08\/chases-plan-to-charge-for-checking-accounts-and-how-consumers-might-respond\/\" target=\"_self\" aria-label=\"Go to https:\/\/fortune.com\/2024\/07\/08\/chases-plan-to-charge-for-checking-accounts-and-how-consumers-might-respond\/\" class=\"sc-93594058-0 hoNHBb\" rel=\"noopener\">imposing new fees<\/a> on its 80 million retail customers.\u00a0\u00a0<\/p>\n<p>And surprisingly\u2014considering Dimon\u2019s stance on taxing the wealthy\u2014Republican presidential candidate Donald Trump has also said he\u2019s considering Dimon for the Treasury secretary position.\u00a0<\/p>\n<p>\u201cHe is somebody that I would consider, sure,\u201d Trump told <a href=\"https:\/\/www.bloomberg.com\/features\/2024-trump-interview-transcript\/\" target=\"_blank\" aria-label=\"Go to https:\/\/www.bloomberg.com\/features\/2024-trump-interview-transcript\/\" rel=\"noopener\" class=\"sc-93594058-0 hoNHBb\">Bloomberg<\/a>. However, the former president <a href=\"https:\/\/www.forbes.com\/sites\/saradorn\/2024\/07\/23\/trump-denies-considering-jp-morgans-jamie-dimon-or-blackrocks-larry-fink-for-treasury-secretary\/\" target=\"_blank\" aria-label=\"Go to https:\/\/www.forbes.com\/sites\/saradorn\/2024\/07\/23\/trump-denies-considering-jp-morgans-jamie-dimon-or-blackrocks-larry-fink-for-treasury-secretary\/\" rel=\"noopener\" class=\"sc-93594058-0 hoNHBb\">later denied<\/a> that he ever floated Dimon\u2019s name as Treasury secretary.<\/p>\n<p>Despite the buzz around Dimon potentially joining an administration, he has attempted to tame previous speculation about a White House role or taking on a Treasury position, even hinting that <a href=\"https:\/\/fortune.com\/2024\/05\/21\/jamie-dimon-retirement-retiring-jpmorgan-ceo-successors-economy-inflation-investors\/\" target=\"_self\" aria-label=\"Go to https:\/\/fortune.com\/2024\/05\/21\/jamie-dimon-retirement-retiring-jpmorgan-ceo-successors-economy-inflation-investors\/\" class=\"sc-93594058-0 hoNHBb\" rel=\"noopener\">he\u2019s on his way to retirement<\/a> earlier than expected. In May, he told shareholders the timetable for his retirement is \u201cnot five years anymore,\u201d and the bank is \u201cwell on the way\u201d with succession plans.\u00a0<\/p>\n<p>In an <a href=\"https:\/\/www.washingtonpost.com\/opinions\/2024\/08\/02\/jamie-dimon-2024-democracy\/\" target=\"_blank\" aria-label=\"Go to https:\/\/www.washingtonpost.com\/opinions\/2024\/08\/02\/jamie-dimon-2024-democracy\/\" rel=\"noopener\" class=\"sc-93594058-0 hoNHBb\">August op-ed<\/a> written by Dimon published by <em>The Washington Post, <\/em>Dimon charged the next president to \u201cbuild the best team,\u201d referring to the cabinet and administration.<\/p>\n<p>\u201cThe members of a president\u2019s Cabinet and administration should reflect the entire nation,\u201d Dimon wrote. \u201cTribal politics will not deliver the best talent and expertise across the political spectrum. Put country and Constitution first.\u201d<\/p>\n<p>Neither the Harris campaign nor the Trump campaign responded to <em>Fortune<\/em>\u2018s request for comment.<\/p>\n<h2 class=\"wp-block-heading\">Jamie Dimon\u2019s Treasury credentials<\/h2>\n<p>Dimon is undoubtedly a prodigy in the business world, and was recognized as a leader very early on in his career.\u00a0<\/p>\n<p>The <a href=\"https:\/\/fortune.com\/education\/business\/harvard-university\/\" target=\"_self\" aria-label=\"Go to https:\/\/fortune.com\/education\/business\/harvard-university\/\" class=\"sc-93594058-0 hoNHBb\" rel=\"noopener\">Harvard Business School<\/a> MBA grad started his career as a management consultant in 1982, and quickly ascended to leadership positions in the finance world. In 1986, he was appointed as chief financial officer of Commercial Credit at just 30 years old, and served as chief operating officer of insurance firm <a href=\"https:\/\/www.travelers.com\/\" target=\"_blank\" aria-label=\"Go to https:\/\/www.travelers.com\/\" rel=\"noopener\" class=\"sc-93594058-0 hoNHBb\">Travelers<\/a> and brokerage firm <a href=\"https:\/\/www.morganstanley.com\/press-releases\/morgan-stanley-smith-barney-is-now-morgan-stanley-wealth-management_7a78aa1d-036a-4fbf-9df7-1e73387a1c8a\" target=\"_blank\" aria-label=\"Go to https:\/\/www.morganstanley.com\/press-releases\/morgan-stanley-smith-barney-is-now-morgan-stanley-wealth-management_7a78aa1d-036a-4fbf-9df7-1e73387a1c8a\" rel=\"noopener\" class=\"sc-93594058-0 hoNHBb\">Smith Barney<\/a> during the 1990s. He became president of <a href=\"https:\/\/fortune.com\/company\/citigroup\/\" target=\"_blank\" aria-label=\"Go to https:\/\/fortune.com\/company\/citigroup\/\" class=\"sc-93594058-0 hoNHBb\" rel=\"noopener\">Citigroup<\/a> in 1998, and in 2000 was appointed as CEO of Bank One, overseeing the company until its merger with JPMorgan Chase in 2004. He became CEO of America\u2019s largest bank just two years later.<\/p>\n<p>Dimon also has experience working with the Fed, having <a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/media\/aboutthefed\/annual\/annual09\/directors.pdf\" target=\"_blank\" aria-label=\"Go to https:\/\/www.newyorkfed.org\/medialibrary\/media\/aboutthefed\/annual\/annual09\/directors.pdf\" rel=\"noopener\" class=\"sc-93594058-0 hoNHBb\">served on the board of directors of the Federal Reserve Bank of New York<\/a> in the 2010s. <\/p>\n<p>Earlier this month, he downplayed how much Americans <a href=\"https:\/\/fortune.com\/2024\/08\/08\/jamie-dimon-fed-rate-cut\/\" target=\"_self\" aria-label=\"Go to https:\/\/fortune.com\/2024\/08\/08\/jamie-dimon-fed-rate-cut\/\" class=\"sc-93594058-0 hoNHBb\" rel=\"noopener\">should care<\/a> about the Fed\u2019s benchmark rate, which is currently at a more than two-decade high of 5.25%-5.5%.<\/p>\n<p>\u201cI hate to say this\u2014I don\u2019t think it matters as much as other people think,\u201d Dimon told CNBC<em> <\/em>in an early August <a href=\"https:\/\/www.youtube.com\/watch?v=us2pxUpivrs\" target=\"_blank\" aria-label=\"Go to https:\/\/www.youtube.com\/watch?v=us2pxUpivrs\" rel=\"noopener\" class=\"sc-93594058-0 hoNHBb\">interview<\/a>.<\/p>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/fortune.com\/2024\/08\/23\/jamie-dimon-kamala-harris-donald-trump-campaigns-treasury-secretary-position\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] As Democratic presidential nominee Kamala Harris makes her case to the business community, one topic that\u2019s frequently come up is whom she would appoint<\/p>\n","protected":false},"author":1,"featured_media":256579,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[149],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/256578"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=256578"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/256578\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/256579"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=256578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=256578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=256578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}