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

The Back-to-Normal Index from CNN Business and Moody's Analytics shows which states are closest to and furthest from their pre-pandemic economies.

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: 159036

Reported Deaths: 3879
CountyCasesDeaths
DeSoto10563104
Hinds10414204
Harrison7397113
Jackson6655128
Rankin6057107
Lee540396
Madison5120107
Forrest394786
Jones376188
Lauderdale3663147
Lafayette341053
Washington3321108
Lamar301950
Oktibbeha255262
Lowndes252867
Bolivar248084
Panola237353
Neshoba2280122
Marshall225051
Leflore211191
Monroe209778
Pontotoc208131
Lincoln200566
Sunflower194155
Warren183058
Tate180451
Union172926
Copiah170840
Pike166760
Scott161330
Yazoo161340
Itawamba159936
Alcorn159328
Pearl River158969
Coahoma155943
Prentiss154931
Simpson154053
Adams147252
Grenada145445
Leake141844
Holmes134461
Covington130040
Tippah130030
George129525
Winston128726
Hancock127641
Wayne123024
Attala122834
Marion121447
Tishomingo114043
Chickasaw110732
Newton110529
Tallahatchie99427
Clay96127
Clarke94853
Jasper87023
Stone82015
Calhoun79513
Walthall79330
Montgomery78426
Carroll75515
Lawrence74614
Smith74216
Yalobusha74228
Noxubee73317
Perry68726
Tunica63019
Greene62422
Jefferson Davis59617
Claiborne59216
Amite57615
Humphreys55219
Quitman5107
Benton50418
Kemper48018
Webster47714
Wilkinson40722
Jefferson38312
Choctaw3637
Franklin3635
Sharkey32917
Issaquena1214
Unassigned00

Alabama Coronavirus Cases

Cases: 256828

Reported Deaths: 3711
CountyCasesDeaths
Jefferson34214511
Mobile20299366
Madison13925150
Tuscaloosa13591156
Montgomery12659238
Shelby1095877
Baldwin9163137
Lee792566
Morgan710851
Etowah677467
Calhoun6695121
Marshall665757
Houston548239
DeKalb504738
Cullman472043
St. Clair451857
Limestone447546
Lauderdale436054
Elmore427564
Walker3818111
Talladega374457
Jackson350723
Colbert336443
Blount310043
Autauga287342
Franklin259734
Coffee254115
Dale242054
Dallas232932
Chilton230841
Russell22813
Covington227934
Escambia206131
Tallapoosa189191
Chambers185950
Pike162214
Clarke161819
Marion146136
Winston141924
Lawrence135336
Pickens127720
Geneva12638
Marengo125224
Bibb123938
Barbour120629
Butler118842
Randolph105922
Cherokee105524
Hale99732
Fayette96316
Clay93525
Washington93319
Henry8946
Monroe83811
Lowndes82129
Cleburne79914
Macon76522
Crenshaw72930
Conecuh72414
Lamar7138
Bullock70919
Perry6927
Wilcox64918
Sumter58922
Greene44218
Choctaw43519
Coosa3724
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