JPMorgan Chase CEO Jamie Dimon Backs DOGE’s Efforts
JPMorgan Chase CEO Jamie Dimon said that the federal government is inefficient and needs improvement, amid widespread layoffs across various departments under the Trump administration.
In an interview on Monday (Feb. 24) with CNBC, Dimon “declined to give what he called a ‘binary’ response, but made comments that supported the overall effort,” CNBC reported.
“The government is inefficient, not very competent, and needs a lot of work,” Dimon said. “It’s not just waste and fraud, its outcomes.” He added that the ongoing efforts to manage spending and monitor federal agencies “need to be done.”
The CEO said if the Elon Musk-led Department of Government Efficiency (DOGE) oversteps its authority or engages in activity that’s not legal, “the courts will stop it.”
“I’m hoping it’s quite successful,” he said.
His remarks come as DOGE reaches into a wide variety of federal departments, including the U.S. Treasury Department, the Social Security Administration (SSA) and the Consumer Financial Protection Bureau (CFPB).
DOGE has also requested access to the IRS’ Integrated Data Retrieval System, which enables employees to access IRS accounts and bank information, and is traditionally not available to even the IRS commissioner or the national taxpayer advocate.
The move has resulted in mass layoffs throughout the federal government, the departure of the SSA’s top official and new questions about whether Musk’s involvement with program is a conflict of interest as it probes the CFPB.
That question of ethics arose because Musk’s still-in-the-works payments business via social media platform X would be regulated by the CFPB.
DOGE’s deep access to sensitive data has also raised security concerns, with the Treasury Inspector General and the Government Accountability Office (GAO) investigating the decision by Treasury Secretary Scott Bessent to allow DOGE access to government payment systems.
Meanwhile, the federal government has pointed to the benefits that DOGE has brought, citing $50 billion found in savings so far.
Bessent said on Feb. 18 that DOGE’s efforts could ultimately lead to “several percent of GDP that we are saving.”
President Donald Trump has also suggested giving a $5,000 “DOGE Dividend” to U.S. taxpayers out of money saved through DOGE’s measures.
“The numbers are incredible, Elon. So many millions, billions — hundreds of billions” Trump said, per multiple published reports. “And we’re thinking about giving 20% back to the American citizens, and 20% down to pay back our debt.”
The proposal assumes that DOGE hits its goal of cutting $2 trillion in spending.
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