JPMorgan’s Dimon urges infrastructure, mortgage reform to spur U.S. growth
(Reuters) – JPMorgan Chase & Co (NYSE:JPM) ceo Jamie Dimon on Thursday requested reforms to U.S. public policy on education, infrastructure and mortgages automobile what he referred to as the "fraying" American dream.
"Governments must be better and more effective – we cannot succeed without their help," Dimon wrote within the 50-page annual letter (https:// still another this was devoted to his argument. "Average folks could perform better job, too."
As head on the largest U.S. bank, Dimon has commonly used the letter in promoting his views on public policy and corporate responsibility. On Thursday, he highlighted 11 problems he stated are impeding U.S. growth and opportunities.
U.S. schools are neglecting to prepare students for professional-level jobs, he stated, and suggested more high schools and vocational schools provide training programs and internships for specific jobs.
JPMorgan is retraining some staff to use own workforce since it prepares for jobs to generally be eliminated by advancements in machine learning and artificial intelligence, Dimon said.
Dimon referred to as around the U.S. government in order to complete implementing the Fixing America's Surface Transportation Act, which was passed in 2019 and it is intended to provide $305 billion to raise America's highways through 2020.
Bad mortgage rules are usually hindering U.S. economic growth, Dimon said. He considered necessary on policymakers to cut back "onerous and unnecessary origination and servicing requirements" as well as wide open "the securitization markets for safe loans."
JPMorgan is reviewing its role in originating, servicing and holding mortgages, as a result of current not enough reforms, he explained.
Last year, Dimon praised U.S. President Mr . trump for the 2019 tax reform law, which lowered this company tax rate. JPMorgan committed to technology and new branches employee salaries in 2018 because the reforms boosted its net income by $3.7 billion, Dimon wrote.
However, Dimon said reform remains were required to address inequities in taxes on individuals, and suggested the us govenment expand the earned taxes credit to help you budget friendly earners.
JPMorgan said hello expects its first-quarter net interest income will likely be flat compared to the first quarter and adjusted expense for being up by "mid-single" digit percentage in contrast to the year-ago quarter.
The bank reports its first-quarter results on April 12.