JPMorgan Chase & Co. JPM CEO Jamie Dimon urged Democratic lawmakers to do away with the debt ceiling in a closed-door lunch meeting on Tuesday, CNN reported. Dimon met with the New Democrat Coalition, which included about 100 members of the U.S. House of Representatives. Citing a person familiar with the matter, CNN reported that Dimon said the debt ceiling is an “unmitigated disaster” and that Congress should “get rid of it.” Dimon later spoke to reporters and applauded lawmakers for approving a compromise earlier this week ahead of a potential default. Shares of JPMorgan Chase & Co. are up 3.9% in 2023, compared to a 1.2% rise by the Dow Jones Industrial Average DJIA.
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