JP MorganChase CEO Jamie Dimon blasted California Democrats for excessive regulations following the devastation wrought by the Los Angeles wildfires earlier this year.
In an interview with FOX 11‘s Elex Michaelson, the powerful banker who was seen last week visiting a burned-out bank location in Pacific Palisades, lamented the mountain of regulations that hinder the rebuilding efforts.
“Finally, someone from Wall Street calls it like it is,” Fox News host Laura Ingraham wrote on X, reacting to Dimon’s complaint.
Jamie Dimon says it plainly: “I’d change the name from red tape to blue tape—it’s the Democrats who want more regulations.” Finally, someone from Wall Street calls it like it is. pic.twitter.com/uLxGraEE9C
— Laura Ingraham (@IngrahamAngle) May 10, 2025
“What lessons do you think the state could learn from business?” Michaelson asked Dimon.
“I’d change the name from red tape to blue tape, because it’s the Democrats who seem to want more and more regulations,” the CEO replied.
“We need good regulations. We need good food. We need good financial assistance. It’s just not more, more and more. You see it in everything, permitting and licensing,” he continued. “There are lessons to be learned. And whether you’re a Democrat or Republican, you should be saying, I want an efficient government.”
The Los Angeles County wildfires caused at least $250 billion in damages, damaging and destroying thousands of homes and businesses. Dimon explained that he was on hand to see the Chase bank branch that had burned down and visit with employees in Pacific Palisades who had worked there.
“The reason we’re here is to come look at the Palisades, look at our branch, thank our people here, understand the issue a little bit better, thank our people for what they did,” he told Michaelson. “We did a town hall this morning. You know, it’s devastation, and we want to be a part of rebuilding it. You learn what’s going on. I think it needs a lot more work and a lot more help.”
Dimon urged various agencies to come together and finalize a plan on rebuilding the fire-ravaged areas.
“Even the Palisades, if you want to get this built, you need, I would have a Palisades rebuilding building with everyone in the room, literally,” he said. “I’d have it right here. I’d have sanitation, fire, police, roads, insurance, local, state, federal, and government in the room with charts. Because it’s a huge management problem. And the government doesn’t put top people who can run projects into management. It’s too often politicians or academics who’ve never run anything.”
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Frieda@bizpacreview.com
Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida where she has been writing for the BizPacReview team since 2015.
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