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Article

22 Oct 2020

Author:
Matt Egan, CNN Business

JPMorgan Chase CEO urges Americans to respect the democratic process during the election, including peaceful transfer of power

"It's shocking that Jamie Dimon is urging a peaceful transfer of power. Here's why," 22 Oct 2020

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... memo to employees... 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.

... [T]here 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... "I have great faith in this country and I'm sure we'll have a proper election," Dimon told reportersduring a conference call.

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