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JPMorgan Chase CEO Jamie Dimon on Thursday strongly rejected any possibility of taking over the reins of the Federal Reserve, saying he would not accept the role under any circumstances if asked by the president.
“Absolutely, absolutely, no way, no way, not for any reason,” Dimon said when asked during an event at the US Chamber of Commerce.
Asked separately if he would consider serving as treasury secretary, Dimon demurred, saying he would at least hear the president out – although he made it clear he has no plans to leave JPMorgan.
“The president calls you and asks you to do something – you have to think about it, so I will answer the phone and think about it,” he said. “I love my job, and I’ve been my own boss for almost 25 years.”
Jamie Dimon, CEO of JPMorgan Chase & Co., speaks during the America Business Forum in Miami, Florida, Thursday, Nov. 6, 2025. (Eva Marie Uzcategui/Bloomberg via Getty Images)
Dimon, who will celebrate 20 years at the financial giant this month, has long joked that his retirement is five years away.
The veteran Wall Street official also spoke about the importance of the Federal Reserve’s independence, comments that come on the heels of a high-profile criminal investigation into Fed Chairman Jerome Powell by the Trump administration.
FEDERAL RESERVE CHAIR POWELL UNDER CRIMINAL INVESTIGATION BY HQ CORRECTION
The Chairman of the Federal Reserve, Jerome Powell, confirmed that the central bank has been served by the Department of Justice regarding the allegations related to the testimony of the congress about the renovation of the bank’s headquarters. (Credit: Federal Reserve)
Dimon warned that undermining the Federal Reserve’s independence could backfire, driving interest rates and inflation higher rather than lower.
“In my opinion, prices will increase, not decrease,” he said.
He added that the need for an independent Fed is widely shared, noting that “everyone I know, including the President of the United States, says we need an independent Fed board.”
Over the weekend, the Justice Department opened an investigation into whether Powell’s congressional testimony about the Federal Reserve’s ongoing restructuring was true.
Powell confirmed the investigation and said he respected the law and congressional oversight, but described the action as “unprecedented” and driven by political pressure.
The main atrium of the Marriner S. Eccles Federal Reserve building during a media tour of the central bank’s headquarters renovation in Washington, DC, on July 24, 2025. (Andrew Harnik/Getty Images)
“The threat of criminal charges is the result of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the President’s preferences,” Powell said in a video statement, a sharp break from his usual approach.
The tension between the President Donald Trump and Powell has fallen sharply due to the central bank’s interest rate decisions and more monetary policies. Trump ordered the Fed to cut rates, which he said could save the nation “hundreds of billions of dollars.”
Trump VS The Federal Reserve
President Donald Trump and Federal Reserve Chairman Jerome Powell speak during a tour of the Federal Reserve building, which is currently under renovation, in Washington, DC, on July 24, 2025. (Kent Nishimura/Reuters)
Powell kept the target rate at 4.25% to 4.5% as the Fed takes a wait-and-see approach to assess the impact of Trump’s sweeping tax cuts.
While the central bank has since cut rates, Trump’s attacks on Powell, who he nominated in 2017, have become increasingly personal, including the use of humorous nicknames.
That strained relationship has extended beyond monetary policy.
Adjustment of The Federal Reserve two large offices in Washington’s Foggy Bottom area are estimated to cost $2.5 billion and are funded by the central bank itself, not taxpayers.
Trump has previously threatened legal action over the plan’s overhaul and mocked its cost and design.
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“They’re building an underground facility on the Potomac River. I would have told them. That’s very hard to do, and it’s ineffective, and it’s very expensive,” Trump said. “But they reached $4 billion, led by this rescuer,” he added in Novemberreferring to Powell.
The project is scheduled to be completed in the fall of 2027, and Washington-based workers are expected to begin operating the building in March 2028.
