Jamie Dimon, the chairman and chief executive officer of J.P. Morgan Chase & Co., told shareholders that he supports President Donald Trump out of patriotic duty.
He spoke at the bank’s annual shareholder meeting and urged the business community to work with the Trump administration to tackle issues like preparing young people to enter the work force, according to CNBC.
"He is the President of the United States. I believe he is the pilot flying our airplane," Dimon said at the shareholder meeting in Delaware, "I would try to help any President of the United States because I'm a patriot."
Dimon is a registered Democrat who has said he wants to stay out of party politics and focus on solutions to helping the U.S. economy, which has suffered from wage stagnation and shrinking participation in the work force in the past 30 years. Dimon is chairman of the Business Roundtable, a conservative group of CEOs formed to promote pro-business public policy.
During a Q&A with shareholders, Dimon was asked about his willingness to support Trump. Dimon said he believes there are serious problems that need fixing, such as education, infrastructure and tax reform.
"Our corporate tax system is driving capital and brains overseas and excessive regulation is reducing growth and business formation particularly for small businesses," he told the audience.
He said it’s also OK to disagree with some of the administration’s policies. He repeated his claim that crisis-era financial rules on banks need to be loosened up
"We are not looking to throw out the entirety of Dodd-Frank or other rules, it is however appropriate to open up the rulebook in the light of day and rework the rules and regulations that don't work well or are unnecessary," Dimon said. "We believe that changes can and should be made to preserve the safety and soundness of the financial system".
Shareholders voted to re-elect all 12 directors almost unanimously.
Last week, Dimon said America faces a “national catastrophe” from a failing educational system with high dropout rates and young people who aren’t prepared to enter the work force.
“We need to get kids getting out of high school, who go on with a job, or go on to college and that leads to a job,” Dimon said in an interview with Business Insider last week. Dimon’s bank this month announced a $6 million investment in education for students in the South Bronx, a notoriously blighted part of New York City.
“Business has to be involved locally with civic society, in this case schools, to get the kids trained to have a job,” Dimon said. “There are plenty of jobs out there.”
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