Jun 7, 2023 - Politics & Policy

Dimon told House Dems to get rid of the debt ceiling

Jamie Dimon at the Capitol on June 7, 2023. Photo: Nathan Howard/Bloomberg via Getty Images.

JPMorgan Chase CEO Jamie Dimon told a group of center-left House Democrats he believes the debt ceiling should be abolished, while praising the bill that was just signed, according to two sources familiar with his comments.

Why it matters: The debt ceiling has increasingly become a catalyst for brinksmanship in Washington.

Driving the news: Dimon sat down for a closed-door lunch on Wednesday with the New Democrat Coalition, a group of nearly 100 center-left House Democrats.

He advocated for a broad list of policy preferences, including:

  • Immigration reform as a solution for labor shortages, as well as boosting border security.
  • Support for community and regional banks.
  • Increasing the earned income tax credit and eliminating the carried interest loophole.
  • Education reform and workforce training, as well as eliminating degree requirements for certain jobs and removing the “convict” box from job applications.
  • Reducing regulations on small businesses.

The backdrop: Many of these positions are top priorities for the New Democrats, who have been working with the center-right Republican Governance Group on possible bipartisan collaboration.

  • Immigration reform and border security, in particular, are areas the New Democrats aim to find common ground.

What they’re saying: Dimon told reporters ahead of the lunch he was there to talk about “whatever is on [members’] minds,” adding, “They invited me to come talk to them, I’m thrilled to do it.”

  • Rep. Derek Kilmer (D-Wash.), vice chair of the group, said in a CNBC interview on Wednesday: “Part of the conversation with Jamie Dimon … I think it is appropriate that we look at reforms to this conversation around the debt ceiling.”
  • “What you see time after time after time is hostage-taking,” Kilmer said, “With a scenario where you simply cannot shoot the hostage without having real impacts to the American economy.”

Dimon brushed off rumors he's eyeing a presidential bid, referring to a spokesperson's statement that he has "no intention" of running."

  • But, he added, “I never say never to anything.”
  • A JPMorgan spokesperson declined to comment.
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