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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: 313942

Reported Deaths: 7240
CountyCasesDeaths
DeSoto21580258
Hinds20330415
Harrison17879309
Rankin13594278
Jackson13429246
Madison10088217
Lee9970174
Jones8370163
Forrest7670152
Lauderdale7188241
Lowndes6387146
Lamar622486
Lafayette6184118
Washington5332133
Bolivar4801132
Oktibbeha462198
Panola4582106
Pearl River4506146
Marshall4435103
Warren4386121
Pontotoc420172
Monroe4107133
Union410076
Neshoba4030176
Lincoln3962110
Hancock378486
Leflore3493125
Sunflower335990
Tate333384
Pike3316105
Scott315773
Alcorn312768
Yazoo311469
Itawamba299777
Copiah296865
Coahoma295179
Simpson294988
Tippah288168
Prentiss279760
Adams278782
Marion269080
Leake267473
Wayne262641
Grenada261386
Covington258281
George247848
Newton246261
Winston227081
Tishomingo226667
Jasper221048
Attala214273
Chickasaw207757
Holmes188873
Clay185254
Stone182433
Tallahatchie178541
Clarke177980
Calhoun170532
Yalobusha164238
Smith162334
Walthall133945
Greene130533
Lawrence128524
Montgomery126742
Noxubee126734
Perry126338
Amite123042
Carroll121828
Webster114532
Jefferson Davis107033
Tunica105226
Claiborne102430
Benton99525
Humphreys96533
Kemper95728
Franklin83623
Quitman80716
Choctaw76318
Wilkinson67230
Jefferson65528
Sharkey50217
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 531404

Reported Deaths: 10985
CountyCasesDeaths
Jefferson765501522
Mobile41036805
Madison34789503
Tuscaloosa25788453
Montgomery24340589
Shelby23449249
Baldwin21154308
Lee15882171
Calhoun14511314
Morgan14306279
Etowah13843353
Marshall12232223
Houston10570281
Elmore10068205
Limestone9974151
Cullman9676194
St. Clair9661243
Lauderdale9427241
DeKalb8831186
Talladega8227176
Walker7241277
Autauga6926108
Jackson6814112
Blount6678137
Colbert6306134
Coffee5519119
Dale4838111
Russell441538
Chilton4296112
Franklin426082
Covington4129118
Tallapoosa4023152
Escambia393677
Chambers3573123
Dallas3551152
Clarke351161
Marion3122101
Pike310977
Lawrence300398
Winston274473
Bibb260964
Geneva250477
Marengo249564
Pickens234461
Barbour231057
Hale223077
Butler216069
Fayette212562
Henry188844
Cherokee185245
Randolph180542
Monroe177540
Washington167339
Macon159650
Clay156756
Crenshaw152557
Cleburne148941
Lamar142535
Lowndes138853
Wilcox127130
Bullock122841
Conecuh110529
Perry107726
Coosa107628
Sumter104732
Greene92534
Choctaw60724
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Columbus
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A few showers linger early in the morning. But these should gradually push away from our area, leaving us mostly cloudy and cool through the midday and afternoon hours. Some clearing may occur later in the afternoon, leaving us mostly clear by Thursday morning.
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