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00:00J.P. Morgan Chase, Chairman and CEO Jamie Dimon, sat down with Maria during the 2025 Reagan National Economic Forum last week.
00:07Watch.
00:09Thank you so much. I'm at the Reagan National Economic Forum, and I'm sitting with Jamie Dimon, Chairman and CEO of J.P. Morgan Chase.
00:16Jamie, thank you for sitting with us.
00:17Maria, thrilled to be here.
00:18I know we have limited time. I want to get right into it and first get your thoughts about this big, beautiful bill underway in the Senate,
00:25where you've got some pushback from some senators about spending cuts not being enough.
00:29What do you think they need to do?
00:30Yeah, so I think I'm thrilled they got it through.
00:34And I think Michael Johnson did an unbelievable job doing that.
00:37I think the Senate, I think he's going to finish it.
00:39I think increasing consistency, keeping the tax rates going that allow businesses to invest, small business to large business, is really important for growth and et cetera.
00:49And if you go back to the bill in 2017, it brought back trillions of dollars to the United States.
00:54It created a lot of jobs. It created a lot of growth.
00:57And people, when they look at those numbers, they don't accurately say what those are.
01:00So it will work.
01:01Then they should go back and worry about cutting, literally looking at, and I shouldn't say cutting, making things more efficient around Medicare, Medicaid, Social Security.
01:10It could be done.
01:12But I think they're better off just getting this thing finished as best they can.
01:15The smaller the deficit is, the better.
01:18Are you as a business person running the largest bank, counting on that, the extension of those tax cuts?
01:23Not so much J.P. Morgan, but I think if you talk to small businesses who, they don't know if the rate's going to be like 28% or 40%, they need it.
01:32If you talk to a lot of companies who do a lot of R&D or a lot of equipment expensing, they need the certainty.
01:37And what you really don't want them to do is just waiting to find out what's going to happen before they make investments in new plants and equipment, et cetera.
01:44And you're seeing a little bit of that.
01:46So the sooner the better.