Warren Buffett believes that Jamie Dimon would be the best choice for a Treasury Secretary. Dimon currently serves as the CEO of JPMorgan Chase. During an interview on the Charlie Rose Show on Monday Buffett was asked who should succeed Timothy Geithner is he leaves his post.
Geithner previously reportedly expressed a desire to leave his post as the Treasury Secretary at the end of President Barack Obama’s first term in office, according to CNN Money. Warren Buffett had this to say about Jamie Dimon:
“I think he’d be terrific. If we did run into problems in markets, I think he’d actually be the best person you could have in the job.”
Warren Buffett also noted that Dimon would garner the confidence of world leaders if he were appointed to the Treasury Secretary post by the Obama administration. When a JPMorgan Chase spokeswoman was asked for a comment on Buffett’s suggestion, she stated that neither Dimon nor the bank had anything to say about the remark.
Dimon often considered a major contender for the Treasury Secretary post after Obama took office. He had been referred to as “Obama’s favorite banker.” Jamie Dimon’s critical take on the Dodd-Frank Act apparently has not diminished Buffett’s support for the JPMorgan Chase CEO.
The company reportedly suffered a $5.8 billion trading loss in May. One of the primary provisions of the Dodd-Frank Act limited the ability of banks to trade on their own funds. Although the rules have not yet taken effect, Dimon noted that the trading activities which led to the loss would not have violated Dodd-Frank.