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JPMorgan Chase Chairman and CEO Jamie Dimon released his closely-watched annual letter to shareholders on Tuesday. He lauds today's more "business friendly environment," in terms of federal regulation, while opining on themes from fintech to European politics. Here's what the head of America's largest bank has to say:

  • The number one geopolitical risk for the global economy is the dissolution of the European Union. "The unraveling of the EU and the monetary union could have devastating economic and political effects. While we are not predicting this will happen, the probabilities have certainly gone up," Dimon writes, presumably referring to this month's French presidential elections.
  • NAFTA reform "will be worked out in a way that is fair and beneficial for both sides," but trade reform with China will be "far more complex," given the many protectionist policies employed by the world's second largest economy.
  • Banks are hungry for regulatory reform. "No rational person could think that everything that was done [with the passage and implementation of Dodd-Frank] was good, fair, sensible and effective, or coherent and consistent in creating a safer and stronger system."
  • Too-big-to fail is over. "The American public has the right to demand that if a major bank fails, they, as taxpayers, would not have to pay for it, and the failure wouldn't unduly harm the U.S. economy. In my view, these demands have now both been met."

Go deeper

Schumer's m(aj)ority checklist

Senate Minority Leader Chuck Schumer. Photo: Tasos Katopodis/Getty Images

Capitalizing on the Georgia runoffs, achieving a 50-50 Senate and launching an impeachment trial are weighty to-dos for getting Joe Biden's administration up and running on Day One.

What to watch: A blend of ceremonies, hearings and legal timelines will come into play on Tuesday and Wednesday so Chuck Schumer can actually claim the Senate majority and propel the new president's agenda.

The dark new reality in Congress

National Guard troops keep watch at security fencing. Photo: Kent Nishimura/Los Angeles Times via Getty Images

This is how bad things are for elected officials and others working in a post-insurrection Congress:

  • Rep. Norma Torres (D-Calif.) said she had a panic attack while grocery shopping back home.
  • Rep. Jim McGovern (D-Mass.) said police may also have to be at his constituent meetings.
  • Rep. Adam Kinzinger (R-Ill.) told a podcaster he brought a gun to his office on Capitol Hill on Jan. 6 because he anticipated trouble with the proceedings that day.
Off the Rails

Episode 3: Descent into madness ... Trump: "Sometimes you need a little crazy"

Photo illustration: Sarah Grillo/Axios. Photos: Tom Williams/CQ-Roll Call, Chip Somodevilla/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 3: The conspiracy goes too far. Trump's outside lawyers plot to seize voting machines and spin theories about communists, spies and computer software.

President Trump was sitting in the Oval Office one day in late November when a call came in from lawyer Sidney Powell. "Ugh, Sidney," he told the staff in the room before he picked up. "She's getting a little crazy, isn't she? She's really gotta tone it down. No one believes this stuff. It's just too much."