Dimon on Don econ: He’s doing OK, I guess

JPMorgan Chase Chief Executive Jamie Dimon gave President Trump a mixed report card on Thursday, praising him for slashing taxes and regulations while criticizing his trade and immigration policies as anti-growth.

“The competitive tax system, a more constructive regulatory environment, and very high consumer and business confidence are increasing indications that the economy will likely expand,” Dimon wrote in his annual letter to shareholders.

The Wall Street CEO often uses his annual letter to talk more broadly about economic and political issues that are outside the usual realm of banking — like infrastructure and education reform — prompting outsiders to wonder if Dimon, 62, is planning a political run.

In an accompanying interview on Yahoo Finance, Dimon, who’s also the head of The Business Roundtable, a lobbying group, said he spoke to Trump last month about issues like increasing tariffs on countries like China — a policy the CEOopposes. “Weweren’t very effective,” he said. Healso said that creating an easier legal pathway for foreigners to get green cards would improve the USeconomy.

“I’m hoping the president is the Nixon of immigration,” he said. “Give them a path to legal status over 10 to 15 years.”

Dimon said JPM is planning to ex- pand into so-called “robo-advising” this year, and to open 400 branches in new cities in the coming years.

The CEO also cautioned that the economy could heat up faster than most economists expect, which could force the Federal Reserve to raise borrowing costs quickly and unexpectedly — a move not without risks.

“If the Fed really starts to worry about it, then they raise rates faster than people think, then that can cause a recession,” he said.