Jamie Dimon warns Biden and Harris' growing bureaucracy will hurt US economy
TrendMacro chief investment officer Don Luskin offers his analysis after Jamie Dimon's criticism of the economy under Biden-Harris on ‘The Evening Edit.’
President-elect Trump on Thursday announced that JPMorgan Chase chairman and CEO Jamie Dimon will not be serving in his upcoming administration, ending speculation that Dimon could potentially be picked to serve as Treasury secretary.
"I respect Jamie Dimon, of JPMorgan Chase, greatly, but he will not be invited to be a part of the Trump Administration," Trump wrote in a post on his Truth Social platform. "I thank Jamie for his outstanding service to our Country!"
President-elect Trump has not yet picked his nominee for Treasury secretary, but ruled out JPMorgan Chase CEO Jamie Dimon on Thursday. (Charly Triballeau/AFP via Getty Images / Getty Images)
Gxstocks has reached out to JPMorgan Chase for comment.
Trump has been critical of Dimon in the past, most recently last year, when he referred to the JPMorgan boss as a "Highly overrated Globalist" on his Truth Social platform.
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Over the summer, the former president told Bloomberg he would consider Dimon to serve as Treasury secretary if he wins a second term in the White House, before walking back those comments a week later.
Dimon condemned the Jan. 6, 2021, attack on the U.S. Capitol by Trump supporters, but he also recently praised some of Trump's positions and policies.
Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., speaks during an Economic Club of New York event in New York on April 23. (Victor J. Blue/Bloomberg via Getty Images / Getty Images)
"Take a step back, be honest. He was kind of right about NATO, kind of right on immigration. He grew the economy quite well. Trade tax reform worked. He was right about some of China," Dimon told CNBC earlier this year. "He wasn't wrong about some of these critical issues."
Dimon declined to endorse a candidate in this year's presidential election.
JAMIE DIMON WARNS OF ‘CRITICAL ISSUES’ THAT COULD AFFECT US ECONOMY
Despite Trump's previous denial that he would consider the JPMorgan boss as Treasury secretary, Dimon's name has been circulating since the election as a potential nominee.
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Trump's declaration Thursday shortens the list even further, after billionaire Trump supporter John Paulson withdrew himself from consideration for the job earlier this week.
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The top two contenders for Treasury secretary are now considered to be Scott Bessent, the founder of investment firm Key Square Group, and Howard Lutnick, the CEO of Cantor Fitzgerald and Trump’s transition co-chair.
