JPMorgan CEO Dimon: Lack of action on taxes, infrastructure ‘embarrassing’

JPMorgan CEO Dimon: Lack of action on taxes, infrastructure ‘embarrassing’
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JPMorgan Chase CEO Jamie Dimon called the lack of action on tax reform and infrastructure spending, two of President Trump’s top priorities, “embarrassing” in an interview on CNBC Tuesday.

Dimon criticized both parties for not moving faster and said tackling those issues would boost economic growth.

"We don't have a competitive tax system here," Dimon said. "Our tax system has become less competitive over the last 20 years. Everyone has improved theirs. We simply haven't."

“I’m not going to blame anyone,” added Dimon, the head of the Business Roundtable who also sits on Trump’s CEO advisory board, accusing both parties of failing to act.

“Collectively, the leadership of America hasn't done the thing that could get us growing faster — jobs and wages,” he said.

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His comments come as Republican leaders are pivoting toward tax reform after failing to repeal and replace ObamaCare. GOP leaders in Congress and the administration have united around basic tax-reform principles, such as cutting individual and corporate rates and eliminating certain deductions, but haven’t agreed on major components of a reform bill.

Trump is also eager to pass a trillion-dollar infrastructure improvement spending plan that he promised during the campaign. But Republican congressional leaders are opposed to a massive federal spending project.

Dimon also denied having political ambitions of his own, despite being close to both Trump and former President Obama, both of whom reportedly considered him for Treasury secretary.

"No, I'm not stepping into the arena," he said.