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.

Subscribe to Axios AM/PM for a daily rundown of what's new and why it matters, directly from Mike Allen.
Please enter a valid email.
Please enter a valid email.
Server error. Please try a different email.
Subscribed! Look for Axios AM and PM in your inbox tomorrow or read the latest Axios AM now.

Go deeper

Updated 54 mins ago - Health

8 states set single-day coronavirus case records last week

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

8 states set new highs last week for coronavirus infections recorded in a single day, according to the COVID Tracking Project (CTP) and state health departments. Montana, West Virginia, and Wyoming surpassed records from the previous week.

Why it matters: Cases and hospitalizations are rising in Michigan, a state that initially fought the pandemic with strict mitigation efforts, alongside states that took less action against the spread of the virus this spring.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Politics: Trump says if Biden's elected, "he'll listen to the scientists"Herd immunity claims by top Trump adviser are "pseudoscience," infectious-disease expert says.
  2. Map: 38 states, D.C. see surge in cases.
  3. Health: Coronavirus hospitalizations are on the rise — Fauci says he's "absolutely not" surprised Trump got coronavirus.
  4. Business: Consumer confidence surveys show Americans are getting nervousHow China's economy bounced back from coronavirus.
  5. Sports: We've entered the era of limited fan attendance.
  6. Education: Why education technology can’t save remote learning.
Dion Rabouin, author of Markets
4 hours ago - Economy & Business

The Fed is starting to question its own policies

Illustration: Aïda Amer/Axios

Several officials at the Fed are beginning to worry about asset bubbles and excessive risk-taking as a result of their extraordinary policy interventions, James Politi writes for the Financial Times, citing interviews with multiple Fed presidents and members of the Board of Governors.

Details: Some are now pushing for "tougher financial regulation" as concerns grow that monetary policy is "encouraging behavior detrimental to economic recovery and creating pressure for additional bailouts."