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JPMorgan CEO Jamie Dimon: The peaceful transfer of power is a hallmark of America

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Posted: Oct 22, 2020 9:51 AM
Updated: Oct 22, 2020 9:51 AM

JPMorgan Chase CEO Jamie Dimon is urging all Americans this election to respect the democratic process, especially the peaceful transfer of power.

"The peaceful and stable transition of power ― whether it is to the second administration of a president or a new one ― is a hallmark of America's 244-year history as an independent nation," Dimon wrote in a Thursday memo to employees that was obtained by CNN Business.

The fact that one of America's leading CEOs felt the need to reiterate his support of one of the cornerstones of democracy is another reminder of how this election is unlike any before.

Wall Street is on high alert for signs of post-election chaos because President Donald Trump has repeatedly claimed the race is "rigged," baselessly cast doubt on mail-in ballots and at times refused to commit to a peaceful transfer of power.

"Our long history of observing and celebrating the continuation of our government is one of the most powerful symbols of that respect," Dimon wrote. "While we understand there is tremendous passion and strong opinions, the responsibility each of us has to respect the democratic process and the election outcomes is paramount. That's the power of democracy."

And yet there are real concerns among investors about a messy election that harms faith in democracy.

A contested election is the most commonly cited concern among portfolio managers recently surveyed by RBC Capital Markets, surpassing even worries about the economy and pandemic.

Last week, Fitch Ratings warned that a "departure" from the "well-understood rules and processes for the transfer of power" could cost the United States its perfect AAA credit rating.

"The potential for a disputed election result reflects deepening political polarization," Fitch wrote, "which could affect the next administration's policymaking scope and how it approaches public policy decision making on key issues."

Last week, Dimon also expressed confidence in the nation's ability to get through the election.

"I have great faith in this country and I'm sure we'll have a proper election," Dimon told reporters during a conference call in response to a question about doubts over election results.

To ensure employees have the opportunity to vote, JPMorgan recently changed its policy. The bank is giving employees up to four hours of paid time off to vote on Election Day if local polling hours don't allow them to vote before or after work.

"While this year's pandemic has changed the way some of us are casting our ballots — whether by mail, by voting early in person or by going to the polls — our fundamental right to make our voice heard remains unchanged," Dimon wrote.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 295295

Reported Deaths: 6724
CountyCasesDeaths
DeSoto19672230
Hinds18799386
Harrison16710278
Rankin12685264
Jackson12592226
Lee9687160
Madison9457199
Jones7962146
Forrest7208136
Lauderdale6833226
Lowndes6022137
Lamar588080
Lafayette5733113
Washington5218130
Bolivar4609123
Oktibbeha441393
Panola430394
Pearl River4167130
Warren4129114
Pontotoc408869
Marshall403192
Monroe3989126
Union395374
Neshoba3807168
Lincoln3541102
Hancock347374
Leflore3375118
Sunflower318386
Tate302474
Pike300195
Scott293870
Alcorn291861
Itawamba289975
Yazoo289262
Tippah278765
Copiah277857
Coahoma277568
Simpson274878
Prentiss269758
Wayne253841
Marion252678
Leake252471
Covington248879
Grenada247377
Adams234377
George231745
Newton229652
Winston221675
Jasper213445
Tishomingo212365
Attala206569
Chickasaw201151
Holmes182270
Clay179150
Stone172429
Tallahatchie170539
Clarke169371
Calhoun157828
Smith152731
Yalobusha144836
Greene127633
Walthall124140
Noxubee122829
Montgomery122438
Perry121634
Lawrence120321
Carroll118225
Amite111533
Webster110630
Jefferson Davis101731
Tunica99023
Claiborne98429
Benton93324
Humphreys92827
Kemper90223
Quitman77114
Franklin76119
Choctaw69516
Jefferson62527
Wilkinson62426
Sharkey48817
Issaquena1676
Unassigned00

Alabama Coronavirus Cases

Cases: 493769

Reported Deaths: 9931
CountyCasesDeaths
Jefferson710731374
Mobile36139727
Madison32425455
Tuscaloosa24184410
Montgomery22586500
Shelby21968215
Baldwin19758283
Lee14967153
Morgan13667251
Calhoun13300286
Etowah13184319
Marshall11262209
Houston10104261
Elmore9385185
Limestone9363134
Cullman8897181
St. Clair8827223
Lauderdale8607211
DeKalb8459175
Talladega7523163
Walker6524255
Jackson6495102
Autauga627091
Blount6102127
Colbert6004118
Coffee5249102
Dale4642107
Russell404930
Franklin399177
Covington3960106
Chilton3876100
Escambia377672
Tallapoosa3588142
Clarke343650
Chambers3413110
Dallas3403141
Pike293472
Lawrence283484
Marion281995
Winston246867
Bibb245060
Geneva239970
Marengo236455
Pickens224654
Barbour211651
Hale210568
Fayette200756
Butler196866
Henry182441
Cherokee177038
Monroe166139
Randolph163740
Washington156535
Crenshaw144854
Clay144454
Macon142043
Cleburne137839
Lamar132833
Lowndes131151
Wilcox121825
Bullock116936
Conecuh106724
Perry105627
Sumter98531
Coosa88923
Greene88232
Choctaw55123
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