J.P. Morgan Chase & Co.'s outspoken CEO Jamie Dimon said the U.S. economy is being held in check by a lack of policy momentum in Washington D.C. that has failed to deliver a spate of pro-growth legislation that could help to boost an otherwise sluggish economy. "We have to focus on policy that is good for all Americans," Dimon said speaking Friday morning on a call with reporters to discuss second-quarter earnings.
Dimon said the inability to make headway on legislation is "holding us back and it is hurting the average American," he said. "It isn't a Republican issue, it is not a Democratic issue," he said. Dimon said U.S. gross domestic product has been accelerating at an annual rate of about 1.5% to 2% and said "bad policies" are to blame for this pace that is considered muted for an economy that is in the ninth year of recovering from a financial crisis. Dimon said continued gridlock may not further weigh on growth but said better policies could deliver a jolt higher to the economy.