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well here at the uh JP Morgan Healthcare conference I sat down exclusively with JP Morgan Chase chairman and CEO Jamie Diamond he was very upbeat on the transition into the upcoming Trump Administration like many of us he woke up on Election Day to a result he had not anticipated I was surprised I I think most people were surprised at the results but I went to sleep at you know at one point and woke up and drove to work and was thinking you know maybe this would be good for the economy and for the average American and so I've kind of moved on so you thought about the economic portion of what's going on what Trump is coming out with let me ask you about that what are your expectations for the economy as a result of his proposed tax policy and roll back of regulations so I like the fact that there that the focus has been on growth and you see it when in the talk about uh the tax policy uh you know regulatory policy I think growth is going to be very good for all Americans not just for companies uh so I I like that fact I think you've seen some of that optimism reflected in the stock prices Etc and hopefully they'll be able to deliver some of that so do you think that companies will in fact behave differently with the 15% corporate tax rate with this idea that money will come back from overseas because of a better environment in terms of repatriation will we see companies respond and do something different that they weren't doing as a result of this yeah I think the I've been kind of on this for a long time the our corporate tax rate is higher than all all other developed Nations whether you look at the statutory rate or the effective rate it's been driving Capital brains and capability overseas for a long time so if you reduce the corporate tax rate and you allow people to repatriate you're going to have Capital come back to the United States more investment will be made here you know some may end up in stock BuyBacks and dividends but so be it that's the people's money too and so yeah I think that would be a very big positive I think it's very important the public understand that a lot of studies show that when you have corporations with lower tax rates the one of the big beneficiaries is Wages they compete they compete you know hard to to grow and expand so yeah I think I'm hoping that'll lead to a lot of growth so you think tax reform will actually get done I think it's very complex so I think at one point you're going to see you know the making the sausage it'll be painful for us to watch the sausage you'll be talking about every day so I think there's a good chance to have major tax perform has been done I think since like 1986 uh I would love to see it done in any event I think you'll see some tax reform done lower corporate tax rates some form of repatriation which maybe will help fund uh infrastructure programs so you'll see something the question is how much and uh and they have to coordinate that obviously has to go through legislation the markets have had such an incredible reaction I mean your stock up better than 20% just since election day why do you think that is I've always thought that you know particularly Bank stocks but maybe for other stocks that the political regulatory uh legal environment was pretty tough and that you know for a rational reason that you would pay less for a company that's under you know you're uncertain about future regulations you're uncertain about litigation you're uncertain about the politics and that therefore you remove some of that or I think it's going to get better that should be a plus so I think that if you think the economy is going to be stronger the regulatory environment more Pro business that possibly more PR growth that's good for business and like again like I said the important part is good for all Americans this isn't just about you know business I got to tell you you sound a little like a republican Jamie I mean the last time we spoke you said you were a Democrat hanging on on by his fingernails how would you characterize yourself today I don't anymore I'm independent of mind a lot of analysts are saying as a result relative a 15% corporate tax rate earnings could be up 20% uh when we actually see this take place does that sound right to you could you see JPM earnings up 20% on a year that the corporate tax rates at 15% yeah I mean our our effective tax rate is 30% so you know if you somehow cut that in half or reduce our tax bill a considerable amount and I don't know offand exactly what that means to corporate earnings but again remember the reason to do some of stuff isn't just to help big companies is to do things which are good for the economy which help everybody and you that that's what the focus should be and that's why I think they're doing it I don't think their interest in life is to help a bank I think their interest in life is to help the United States of America in fact they're talking about growth of three and a half to 4% in a short period of time are you buying it I think it's possible you know I I point out to the economists that if you look at all the things we've been through in the last 8 10 12 years of war Great Recession huge regulatory environment more and more Global regulations those things hold back growth and they hold back confidence both consumer and business confidence so reducing those things I think will add to growth yeah so I'm I'm optimistic we'll go north of three we've got the confirmation hearings this week obviously Steven minuchin today Tuesday you've got uh Wilbur Ross as well uh uh Wednesday uh you've got uh Rex Tillerson do you think these guys are going to get past confirmation hearings I hope so you know I mean past history says yes unless something comes out that is terrible but past history says yes I also want to point out I like the fact that a lot of these folks they're successful they've been around they're knowledgeable they've traveled the world and they're making a huge sacrifice to go do this you know not just the public scrutiny they're about to go through but in their own business life and personal life and so I applaud them and I think that a lot of these folks you know they're Patriots they care about their country they're not doing this to line their pockets they're doing this because they think American can do better you know both here and around the world so I thank them for doing it and hopefully be part of a team that accomplishes some of these things we've been talking about it's a totally different approach having business people running government agencies um you think it could work yeah I mean if you look at history you know some business people have very successful at it some haven't so I don't think you're automatically successful because you're in business but I think having a successful career helps you having to learn and listen to people and make mistakes Etc I don't think we should ever be in the position that we think that because someone's successful they shouldn't have one of these jobs because they know a lot they shouldn't have one of these jobs and I think the the notion is somehow that they're not a patriot because they've done business business in complex countries around the world that's true for most big companies you know I'm I'm convinced that some of these people total complete Patriots just like the rest of us and we shouldn't question that because they've been a successful business person now I was hearing that Donald Trump wanted you as treasury secretary were you offered the job I've always been quite clear that I'm not suited for the job and I never really wanted the job so uh and I was not offered the job um people think you would have been the great the best treasury secretary though um but okay you didn't want the job you're doing such I apprciate that like what I'm doing and I have a new job too there's chairman of the business round table and you know and I do BU want to help so you know my view is there's a new president and I'm going to do everything I can to help make that President successful so as you know I agreed to go on uh uh that group for jobs creation I forgot the name of it CEO advisory Co Advisory Group led by Steve schwarzman so I'm going to do everything I can to to participate in helping the folks in the administration do the best they can how can you do that I mean when you see a group of CEOs as a CEO advisory sort of off side panel what does that mean you're going to be giving advice to to president Trump I mean how do you see yourself working with this Administration yeah so one is that panel and the other through any other thing so we've always even with the Obama Administration with the Bush Administration that's right if they ask us to do and help something we've done it including things like be Sterns by the way and so we've always try to be Health around policy analytics thought uh issues they have mistakes they think we might be making then or maybe they want to understand you know Capital markets in other part of the world so whatever role we can play and want you be just me it'll be several other folks at JB Morgan Chase we're going to do that and I think business could be a huge positive factor collaborating with government I've always believed that government and business collaborating together are far stronger than them you know being at each other and so uh so I'm you know I was right in the second I was asked I I know you have and you've talked about it a lot in fact
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