Jamie Dimon. Photo: Mark Wilson/Getty Images

JP Morgan Chase chairman and CEO Jamie Dimon says in his annual shareholders letter that capitalism has flaws but is better than socialism, which "would be as much a disaster for our country as it has been in the other places it’s been tried." [Updated]

  • "Socialism inevitably produces stagnation, corruption and often worse," Dimon writes.
  • "I am not an advocate for unregulated, unvarnished, free-for-all capitalism. (Few people I know are.) But we shouldn’t forget that true freedom and free enterprise (capitalism) are, at some point, inexorably linked."

Dimon also wrote: "CEOs can and should get involved — particularly when they or their companies can uniquely help design policies that are good for America."

  • "[W]hile almost all companies can help further job skills, training, and diversity and inclusion efforts, each company can also add value where it has distinct capabilities, like expertise around healthcare, infrastructure or technology."

JPMorgan also announced today that Heather Higginbottom, a former top Obama administration official, will join the corporate responsibility team in May to lead a new global public policy effort.

  • Higginbottom, most recently COO of CARE USA, was deputy secretary of state, deputy director of the White House Office of Management and Budget, and deputy director of the White House Domestic Policy Council.
  • Dimon wrote: "We believe the best way to scale programs that we have seen work in cities, states and countries around the globe is to develop actionable public policies that allow more people to benefit from economic growth."

Read the letter.

Go deeper

Trump whisked out of press briefing after shooting outside White House

President Trump was escorted out of a coronavirus press briefing by a Secret Service agent on Monday after law enforcement reportedly shot an armed suspect outside of the White House.

The state of play: Trump returned to the podium approximately ten minutes later and informed reporters of the news. He said the suspect has been taken to the hospital, but was unable to provide more details and said Secret Service may give a briefing later. The president praised the Secret Services agents, saying they do a "fantastic job" and he feels "very safe" with their protection.

This story is developing. Please check back for updates.

Updated 41 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 19,952,057 — Total deaths: 732,689 — Total recoveries — 12,150,698Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 5,074,059 — Total deaths: 163,275 — Total recoveries: 1,656,864 — Total tests: 61,792,571Map.
  3. Politics: House will not hold votes until Sept. 14 unless stimulus deal is reached.
  4. Business: Richer Americans are more comfortable eating out.
  5. Public health: A dual coronavirus and flu threat is set to deliver a winter from hellAt least 48 local public health leaders have quit or been fired during pandemic.
  6. Sports: The cost of kids losing gym class — College football is on the brink.
  7. World: Europe's CDC recommends new restrictions amid "true resurgence in cases."
Updated 1 hour ago - Health

5 states set single-day coronavirus case records last week

Data: Compiled by Axios; Map: Danielle Alberti/Axios

Five states set new highs last week for coronavirus infections recorded in a single day, according to the COVID Tracking Project and state health departments. Only one state — North Dakota — surpassed a record set the previous week.

Why it matters: This is the lowest number of states to see dramatic single-day increases since Axios began tracking weekly highs in June, and marks a continued decrease from late July.