Hedge fund manager Bill Ackman has, on more than one occasion, supported the idea of JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon running for the 2024 U.S. presidential election.
While Dimon hasn't launched a campaign, Ackman asked the longtime JPMorgan boss what he would do if he ever became president.
What Happened: As shared by Insider, Dimon said one of his first tasks would be to create a Cabinet of "really smart, talented brainy people." Instead of just choosing people from one party, Dimon said he would select Cabinet members that included Republicans and Democrats.
Dimon told Ackman he might pick him to be the Secretary of Treasury in an answer to the hypothetical question.
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Dimon also says he would address top issues like education, immigration and foreign policy, pledging to "double down on diplomacy."
"I think presidents should have a growth strategy,” he says. “Growing the economy is being conductive to business."
Dimon also says he would address the U.S. wealth gap by doubling the earned income tax credit. The 67-year-old CEO would make the credit easier to qualify for Americans who don't have children.
"That would put more money into those communities, and they would help their kids,” Dimon argues. “I would do that tomorrow."
Dimon also said he would change rules for investors like Ackman. "I'd make people like you pay a little bit more,” he said. “This carried interest stuff would be gone the day I got in office because it is unfair."
Dimon has spoken out against tax breaks in the past and raising taxes on the highest earners in the country. According to Insider, Ackman has criticized the carried interest loophole previously.
Related Link: JPMorgan CEO Jamie Dimon Says Inflation ‘Might Not Go Away That Quickly’
Why It Matters: News of an insider filing by Dimon sparked rumors that he could be looking to retire after serving as the CEO of the bank since 2006. And if Dimon were to exit the position before 2026 for a government job, he’s expected to receive a generous bonus.
While he isn’t running for president, Dimon has expressed support for Republican presidential candidate Nikki Haley.
In a recent interview at the Dealbook Summit, Dimon was critical of the current state of the country.
"We've done a terrible job taking care of our bottom 30% of earners," Dimon said, as shared by Fortune.
Dimon said the country has done a bad job at helping people who have lost their jobs, or don't have medical insurance.
"What the hell have we done as a nation?"
While Dimon has ruled out wanting to run for president, he said he would help whoever is president — even if it is Donald Trump, whom he has been critical of.
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