JPMorgan CEO being American 'almost an embarrassment'

[NEW YORK] JPMorgan Chase chief executive Jamie Dimon ripped into the political gridlock in Washington and said Friday that they dysfunction threatened US economic prospects.

"It's almost an embarrassment to be an American citizen traveling around the world and listening to the stupid sh-- we have to deal with in this country," Mr Dimon said on a conference call with analysts.

Mr Dimon, who is a member of President Donald Trump's business advisory council, said the US will have trouble accelerating growth about its 1.5 to 2.0 per cent trend if it fails to come together in favour of pro-business policies.

"I was just in France, in Argentina, Israel, Ireland. We met with the Prime Minister of India and China and it's amazing to me that every single one of those countries understands that practical policies to promote business growth is good for the average citizens of those countries for jobs and wages," he said.

"And somehow in the great American free enterprise system, we no longer get it." Mr Dimon, who also is chairman of the Business Roundtable lobbying group, reiterated his call to reform the US tax code to make it more competitive compared to other nations.

He also railed against excessive regulations that impede building of bridges and other key infrastructure.

"We have become one of the most bureaucratic, confusing litigious societies," he said. "It would be much stronger growth had we made intelligent decisions to end that gridlock."

AFP