TLDR
- Former President Donald Trump is considering Jamie Dimon, CEO of JPMorgan Chase, for Treasury Secretary if re-elected.
- Trump says he would allow Jerome Powell to complete his term as Federal Reserve Chair.
- Dimon has been critical of cryptocurrencies, calling them useful mainly for criminals.
- Trump has softened his stance on Bitcoin and is scheduled to speak at the Bitcoin Conference in Nashville.
- Trump also mentioned potentially lowering the corporate tax rate to 15-20%.
Former President Donald Trump, the current Republican nominee for the 2024 presidential election, has indicated he may consider Jamie Dimon, CEO of JPMorgan Chase, for the position of Treasury Secretary if re-elected.
This revelation comes from a Bloomberg interview conducted in late June and published on July 16, 2024.
Trump expressed his respect for Dimon, stating, “I have a lot of respect for Jamie Dimon.” This marks a shift in their relationship, as Trump had previously referred to Dimon as a “highly overrated globalist” in a November 2023 social media post. For his part, Dimon had earlier supported Trump’s opponent, Nikki Haley, for the Republican nomination.
The potential consideration of Dimon for a cabinet position has raised eyebrows in the cryptocurrency community.
Dimon has been a vocal critic of cryptocurrencies, telling Congress in December 2023 that the only true use case for cryptocurrency is “criminals, drug traffickers, money laundering, tax avoidance.”
He even suggested that if he were the government, he would “close it down.” This stance contrasts with JPMorgan’s own blockchain token, JPM Coin.
Trump’s own views on cryptocurrencies appear to have evolved. In 2019, while president, he expressed strong disapproval of Bitcoin and other cryptocurrencies, describing them as “not money” and based on “thin air.”
However, his position seems to have softened since then. Trump is scheduled to speak at the Bitcoin Conference in Nashville on July 27, 2024, potentially signaling a shift in his stance on digital currencies.
In addition to discussing potential cabinet appointments, Trump also stated that he would allow Jerome Powell to complete his term as Federal Reserve Chair, which ends in May 2026. This is notable given that Trump had previously threatened to fire Powell during his first term as president.
The former president also outlined some economic policies he would pursue if re-elected.
He mentioned potentially lowering the corporate tax rate to between 15% and 20%, down from the current 21%. Trump argued that this would make the U.S. more competitive globally in terms of business incentives.
These revelations came after a meeting Trump held with over 70 top U.S. executives, including leaders from major companies like Apple, Citigroup, Bank of America, and Wells Fargo. Trump described the meeting as a “lovefest,” suggesting that his pro-business stance was well-received by the corporate leaders.
For his part, Dimon has repeatedly denied having political aspirations, despite occasional calls for him to run for office. However, he hasn’t entirely ruled out public service, stating last year,
“I love my country, and maybe one day I’ll serve my country in one capacity or another.”
While Dimon’s skepticism towards cryptocurrencies is well-known, his extensive experience in the financial sector could bring a nuanced perspective to discussions about the role of digital assets in the U.S. economy.
