JP Morgan Chase CEO Jamie Dimon is calling out California’s Democrats for pushing “more regulations” following the devastating LA wildfires as he visited a branch of the bank that was destroyed in January’s inferno.
“I changed the name of ‘red tape’ to ‘blue tape’ because it’s the Democrats who seem to want more and more regulations,” he told FOX 11‘s Elex Michaelson on Friday.
“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.”
During January’s fires, which caused at least $250 billion in damages across Pacific Palisades and Altadena, Democratic leaders including California Gov. Gavin Newsom and Los Angeles Mayor Karen Bass faced a major backlash from many residents who blamed them for the state’s apparent lack of readiness to respond to the natural disaster.
Many residents of devastated neighborhoods were forbidden from returning to their homes by the National Guard after Bass intervened.
The chaos even prompted President Trump to step in during a Monday roundtable and demand that Palisades residents be allowed to return.
“There are lessons to be learned. And whether you’re a Democrat or Republican, you should be saying, I want an efficient government,” Dimon said.
He said that all the government agencies need to come together to hash out how to rebuild the area quickly.
“I’d have it right here. I have sanitation, fire, police, roads, insurance, local, state, federal, government in the room with charts. Because it’s a huge management problem. And government doesn’t put top people who can run projects into management. It’s too often politicians or academics who’ve never run anything,” he said.
“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,” Dimon said.
“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.”
In the wake of the fires, there were warnings the state’s insurance regulations could slow down rebuilding in Los Angeles County.
State Democrats were accused of years of mismanagement and “missed opportunities” — not to mention “negligence” in a 15-page report by the California Senate Republican Caucus following the fires.
