‘There is absolutely zero possibility, under any circumstances, for any reason whatsoever’: Dimon states he would never consider running the Fed, but is open to discussing the possibility of heading the Treasury.

Jamie Dimon Dismisses Possibility of Leading the Federal Reserve

With speculation mounting over who might succeed Jerome Powell as Federal Reserve Chair when his term concludes in May, JPMorgan CEO Jamie Dimon has firmly ruled himself out as a contender.

“There is absolutely no chance I would ever take on the role of Fed Chair,” Dimon stated at a recent Chamber of Commerce event. “I much prefer my current position. That’s a tough job, but it’s not one I want.”

The challenges facing the Federal Reserve have only intensified since President Donald Trump’s return to office. Just last week, the Justice Department opened a criminal investigation into both the central bank and Powell’s testimony regarding renovations at Fed facilities. This follows a year of mounting pressure from the Trump administration to reduce interest rates.

In a historic move last August, President Trump attempted to remove Fed governor Lisa Cook over accusations of mortgage fraud—the first time a sitting governor has faced dismissal in the Fed’s 112-year history. A federal court allowed Cook to remain in her position while she contests the decision, but her fate now rests with the Supreme Court, which will review the administration’s appeal later this month.

Meanwhile, the Federal Reserve is navigating the delicate balance of supporting employment by lowering rates, while also guarding against a resurgence of inflation.

Dimon’s Perspective on Public Service

While Dimon indicated he might consider the role of Treasury secretary if approached, he expressed reservations about working under someone else’s leadership.

“If I received the call, I’d listen and weigh the reasons and expectations,” he explained. “But after 25 years of being my own boss, I’m not eager to change that.”

This isn’t the first time Dimon’s name has surfaced for a cabinet position. In 2024, then President-elect Trump announced that Dimon would not join his administration, despite earlier speculation about a Treasury nomination. Dimon himself agreed he wasn’t suited for the position, remarking, “I’m not ready to have a boss again.”

Debate Over Fed Independence

Earlier this week, tensions appeared to rise between Dimon and Trump after Dimon cautioned that undermining the central bank’s independence “is not a good idea.”

Trump responded by suggesting, “Jamie Dimon probably wants higher rates. Maybe that’s more profitable for him.”

On Thursday, Dimon reiterated his stance against interfering with the Fed’s autonomy, warning that such actions would likely push rates up rather than down. Nevertheless, he emphasized that he and Trump ultimately share common ground on the issue.

Business Leaders React to Policy Proposals

“Everyone I know, including the president, agrees that the Fed board should remain independent,” Dimon commented. “Most people I know, including the president, are entitled to voice their opinions.”

This week, Dimon joined other CEOs, such as Brian Moynihan of Bank of America and Jane Fraser of Citigroup, in responding to Trump’s proposal for a one-year 10% cap on credit card interest rates. Dimon argued that such a cap would restrict access to credit and negatively impact borrowers with lower credit scores.

“If implemented as described, the impact would be significant,” Dimon told analysts during a recent earnings call. “It would be especially dramatic for subprime borrowers.”

This article was originally published on Fortune.com