JPMorgan Chase [1] President and CEO Jamie Dimon had much to say on the state of the U.S. economy at the Delivering Alpha Conference in New York City, according to CNBC [2].
Lending was the first talking point of Dimon’s interview, who debunked the myth that current economic policy hasn’t affected lending. “Absolutely untrue,” Dimon said. “Any small—any new small business owner has trouble getting a loan. Mortgage lending—I wrote about this, our economists did real work—because of the higher cost of mortgaging, the servicing legal requirements, and less availability, we think mortgage could be $2 trillion higher.”
Dimon went on to say that even if that number were to be halfed to $1 trillion, that would add 10 percent to lending, and would contribute to growth, small business, middle-market, and even “rugs,” along with homebuilding, and new household formation.
“You’re telling me we’re not holding ourselves back? The fact is, we are,” Dimon said. “I do think these things are policy issues,” he continued. “It’s not just the way it is.”
Dimon recognized that Washington is a difficult place, and recommended that thought, analysis, policy, and collaboration was the best way to make progress in moving the industry forward. Consumer and business confidence is on the rise, but Dimon is of the opinion that the Administration should remain focused on the agenda it pitched at the start of its campaign.
You can view the full interview above.