JPMorgan’s Dimon Declares ‘No Chance’ of Leading the Federal Reserve
Panelists join ‘Mornings with Maria’ to discuss what the economy could look like in 2026 and react to JPMorgan’s latest prediction.
JPMorgan Chase CEO Jamie Dimon recently made headlines by firmly rejecting any notion of stepping into the role of Federal Reserve chair. During an event at the U.S. Chamber of Commerce, Dimon stated, “Absolutely, positively, no chance, no way, no how, for any reason,” when asked if he would accept the position if offered by the president.
In a more measured response regarding the role of treasury secretary, Dimon indicated he would at least consider the president’s request. “The president calls you up and asks you to do something – you should consider it,” he remarked, while emphasizing his commitment to JPMorgan. “I like my job, and I’ve been my own boss for pretty much 25 years.”
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks during the America Business Forum in Miami, Florida, on Thursday, Nov. 6, 2025. (Eva Marie Uzcategui/Bloomberg via Getty Images)
As he approaches his 20th anniversary at JPMorgan, Dimon humorously noted that his retirement always seems to be “five years away.” He also emphasized the critical nature of the Federal Reserve’s independence, particularly in light of a recent criminal investigation involving Fed Chair Jerome Powell initiated by the Trump administration.
FEDERAL RESERVE CHAIR POWELL UNDER CRIMINAL INVESTIGATION OVER HQ RENOVATION
Federal Reserve Chairman Jerome Powell confirmed the central bank had been served by the Justice Department in connection with allegations related to congressional testimony on the renovation of the bank’s headquarters. (Credit: Federal Reserve)
Dimon cautioned that any attempts to undermine the Federal Reserve’s independence could have adverse effects, potentially driving interest rates and inflation higher. “In my view, in my opinion, it will drive rates higher, not lower,” he stated. He noted that the consensus for an independent Fed is widely recognized, including by “everyone I know, including the President of the United States.”
Recently, the Department of Justice launched an investigation into whether Powell’s congressional testimony regarding the ongoing renovations to the Federal Reserve was truthful. Powell acknowledged the investigation, expressing respect for the rule of law and congressional oversight, but labeled the action as “unprecedented” and politically motivated.
The grand atrium of the Marriner S. Eccles Federal Reserve building during a media tour of the renovation of the central bank’s headquarters in Washington, D.C., on July 24, 2025. (Andrew Harnik/Getty Images)
Powell remarked that the threat of criminal charges stems from the Federal Reserve’s commitment to setting interest rates based on public interest rather than political pressures. “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” he stated in a video message, marking a notable shift from his usual demeanor.
The relationship between President Donald Trump and Powell has soured, particularly over the Fed’s interest rate decisions and broader monetary policies. Trump has urged the Fed to cut rates, claiming it could save the nation “hundreds of billions of dollars.”
TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORY
President Donald Trump and Federal Reserve Chair Jerome Powell speak during a tour of the Federal Reserve building, which is currently undergoing renovations, in Washington, D.C., on July 24, 2025. (Kent Nishimura/Reuters)
Currently, Powell has maintained the benchmark interest rate at 4.25% to 4.5%, taking a cautious approach to evaluate the effects of Trump’s extensive tariffs. Although the Fed has since lowered rates, Trump’s criticisms of Powell, whom he appointed in 2017, have become increasingly personal, often involving derogatory nicknames.
The ongoing renovation of the Federal Reserve’s two main office buildings in Washington’s Foggy Bottom neighborhood is projected to cost $2.5 billion, funded entirely by the central bank rather than taxpayers. Trump has previously threatened legal action regarding the renovations and has ridiculed both the project’s cost and design.
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Trump remarked, “They’re building a basement into the Potomac River. I could have told them. That’s very tough to do, and it doesn’t work, and it’s very expensive,” adding, “But they’re up to $4 billion, headed by this clown,” referring to Powell.
The renovation project is expected to be completed in the fall of 2027, with Washington-based employees slated to begin occupying the building in March 2028.
Panelists join ‘Mornings with Maria’ to discuss what the economy could look like in 2026 and react to JPMorgan’s latest prediction.
JPMorgan Chase CEO Jamie Dimon recently made headlines by firmly rejecting any notion of stepping into the role of Federal Reserve chair. During an event at the U.S. Chamber of Commerce, Dimon stated, “Absolutely, positively, no chance, no way, no how, for any reason,” when asked if he would accept the position if offered by the president.
In a more measured response regarding the role of treasury secretary, Dimon indicated he would at least consider the president’s request. “The president calls you up and asks you to do something – you should consider it,” he remarked, while emphasizing his commitment to JPMorgan. “I like my job, and I’ve been my own boss for pretty much 25 years.”
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks during the America Business Forum in Miami, Florida, on Thursday, Nov. 6, 2025. (Eva Marie Uzcategui/Bloomberg via Getty Images)
As he approaches his 20th anniversary at JPMorgan, Dimon humorously noted that his retirement always seems to be “five years away.” He also emphasized the critical nature of the Federal Reserve’s independence, particularly in light of a recent criminal investigation involving Fed Chair Jerome Powell initiated by the Trump administration.
FEDERAL RESERVE CHAIR POWELL UNDER CRIMINAL INVESTIGATION OVER HQ RENOVATION
Federal Reserve Chairman Jerome Powell confirmed the central bank had been served by the Justice Department in connection with allegations related to congressional testimony on the renovation of the bank’s headquarters. (Credit: Federal Reserve)
Dimon cautioned that any attempts to undermine the Federal Reserve’s independence could have adverse effects, potentially driving interest rates and inflation higher. “In my view, in my opinion, it will drive rates higher, not lower,” he stated. He noted that the consensus for an independent Fed is widely recognized, including by “everyone I know, including the President of the United States.”
Recently, the Department of Justice launched an investigation into whether Powell’s congressional testimony regarding the ongoing renovations to the Federal Reserve was truthful. Powell acknowledged the investigation, expressing respect for the rule of law and congressional oversight, but labeled the action as “unprecedented” and politically motivated.
The grand atrium of the Marriner S. Eccles Federal Reserve building during a media tour of the renovation of the central bank’s headquarters in Washington, D.C., on July 24, 2025. (Andrew Harnik/Getty Images)
Powell remarked that the threat of criminal charges stems from the Federal Reserve’s commitment to setting interest rates based on public interest rather than political pressures. “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” he stated in a video message, marking a notable shift from his usual demeanor.
The relationship between President Donald Trump and Powell has soured, particularly over the Fed’s interest rate decisions and broader monetary policies. Trump has urged the Fed to cut rates, claiming it could save the nation “hundreds of billions of dollars.”
TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORY
President Donald Trump and Federal Reserve Chair Jerome Powell speak during a tour of the Federal Reserve building, which is currently undergoing renovations, in Washington, D.C., on July 24, 2025. (Kent Nishimura/Reuters)
Currently, Powell has maintained the benchmark interest rate at 4.25% to 4.5%, taking a cautious approach to evaluate the effects of Trump’s extensive tariffs. Although the Fed has since lowered rates, Trump’s criticisms of Powell, whom he appointed in 2017, have become increasingly personal, often involving derogatory nicknames.
The ongoing renovation of the Federal Reserve’s two main office buildings in Washington’s Foggy Bottom neighborhood is projected to cost $2.5 billion, funded entirely by the central bank rather than taxpayers. Trump has previously threatened legal action regarding the renovations and has ridiculed both the project’s cost and design.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Trump remarked, “They’re building a basement into the Potomac River. I could have told them. That’s very tough to do, and it doesn’t work, and it’s very expensive,” adding, “But they’re up to $4 billion, headed by this clown,” referring to Powell.
The renovation project is expected to be completed in the fall of 2027, with Washington-based employees slated to begin occupying the building in March 2028.
