Jamie Dimon endorses Elon Musk-led proposed efficiency panel: Report

The interview also addressed economic policies under a potential Trump administration, particularly regarding tariffs.

JPMorgan Chase & Co chairman and CEO Jamie Dimon has strongly backed an efficiency commission proposed to be led by Elon Musk, stressing the need to hold governments accountable.

In an exclusive interview to CNBC-TV18, Dimon supported the idea of a task force focused on auditing the government. "I actually like the idea. I think governments have to become more efficient, more competent, and look at what they get in return for the money they take."

He compared the proposal to Al Gore's 1993 "Reinventing Government" initiative, saying, "We really need to do it. In America, we will do it, I’m sure."

Republican presidential candidate Donald Trump has proposed a government efficiency commission led by the Tesal CEO if elected president in the November 5 election.

The initiative aims to eliminate "fraud and improper payments" within six months of the commission's formation.

Musk has expressed his willingness to serve, saying, “No pay, no title, no recognition is needed.” However, critics have raised concerns about potential threats to the federal workforce.

Dimon also talked about the economic policies under a potential Trump administration. When asked about possible increase in trade tariffs, especially on Chinese goods, Dimon sais, “I don’t know the answer to that... It’s more of a negotiating tactic than an expected outcome.”

He acknowledged the complexities of trade negotiations, preferring improved deals over tactical tariff increases.

The proposed government efficiency commission would conduct a financial and performance audit of the federal government, aiming to identify fraud and improper payments. Following this audit, the commission would recommend "drastic reforms" to enhance efficiency.

Musk has endorsed Trump’s candidature and has been seeking support for the former president’s return to the White House.