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JPMorgan Chase CEO Jamie Dimon on Thursday emphatically rejected any possibility of taking the helm of the Federal Reserve, saying he would not accept the role under any circumstances if asked by the president.
“Absolutely, positively, no chance, no way, no how, for any reason,” Dimon said when asked during an event at the U.S. Chamber of Commerce.
Asked separately whether he would consider serving as treasury secretary, Dimon struck a more restrained tone, saying he would at least hear the president out – though he made clear he has no plans to leave JPMorgan.
“The president calls you up and asks you to do something – you should consider it, so I would take the call and consider it,” he said. “I like my job, and I’ve been my own boss for pretty much 25 years.”
Dimon, who will mark his 20th year at the financial giant this month, has long joked that his retirement is always another five years away.
The veteran Wall Street executive also addressed the importance of the Federal Reserve’s independence, comments that come on the heels of a high-profile criminal investigation into Fed Chair Jerome Powell by the Trump administration.
FEDERAL RESERVE CHAIR POWELL UNDER CRIMINAL INVESTIGATION OVER HQ RENOVATION
Dimon warned that undermining the Federal Reserve’s independence could backfire, pushing interest rates and inflation higher rather than lowering them.
“In my view, in my opinion, it will drive rates higher, not lower,” he said.
He added that the need for an independent Fed is widely shared, noting that “everyone I know, including the President of the United States, says we need an independent Fed board.”
Over the weekend, the Department of Justice opened an investigation into whether Powell’s congressional testimony about the ongoing renovations to the Federal Reserve was truthful.
Powell confirmed the investigation and said he respected the rule of law and congressional oversight, but described the action as “unprecedented” and driven by political pressure.
“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” Powell said in a video statement, a sharp break from his typically measured approach.
Tensions between President Donald Trump and Powell have largely deteriorated over the central bank’s interest rate decisions and broader monetary policies. Trump has instructed the Fed to cut rates, which he says could save the nation “hundreds of billions of dollars.”
TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORY
Powell held the benchmark rate at 4.25% to 4.5% as the Fed took a wait-and-see approach to assess the impact of Trump’s sweeping tariffs.
While the central bank has since lowered rates, Trump’s attacks on Powell, whom he nominated in 2017, have increasingly taken on a personal tone, including the use of mocking nicknames.
That strained relationship has increasingly extended beyond monetary policy.
The renovation of the Federal Reserve’s two main office buildings in Washington’s Foggy Bottom neighborhood is estimated to cost $2.5 billion and is being funded by the central bank itself, not by taxpayers.
Trump has previously threatened legal action over the renovations and mocked the project’s cost and design.
“They’re building a basement into the Potomac River. I could have told them. That’s very tough to do, and it doesn’t work, and it’s very expensive,” Trump said. “But they’re up to $4 billion, headed by this clown,” he added in November, referring to Powell.
The project is scheduled for completion in the fall of 2027, with Washington-based employees expected to begin occupying the building in March 2028.
