Jamie Dimon, the CEO of JPMorgan Chase & Co. (NYSE:JPM), has expressed his support for a merit-based immigration system in the U.S. amid President Donald Trump‘s $100,000 H-1B visa fee.
Dimon Calls Trump’s H-1B Move ‘Off-Guard’, Urges Merit-Based System
Dimon, in a conversation with CNBC TV18 in India, stated that Trump’s H1-B visa announcement caught him “off-guard.”
“…we had a lot of phone calls over the weekend that what does it mean? said Dimon, speaking about the initial confusion over a one-time charge or an annual charge for the visas.
However, he voiced his belief in a “merit-based immigration” system. He commended the President’s focus on border control, but also urged him to consider “good immigration”, reported CNBC on Monday. “I would beg the President,” added Dimon.
Dimon also expressed his agreement with Trump’s public statements on more merit-based immigration, the continuation of the DACA program, and the granting of green cards to foreign students who graduate in the U.S.
“It came out of the blue. We’ll be engaging with stakeholders and policymakers. For us, visas matter because we move people around globally – experts who get promoted to new jobs in different markets,” Dimon separately told the Times of India.
Speaking about his Greek roots, Dimon highlighted, “America is an immigrant nation, and that’s part of its core strength.”
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Trump’s $100K H-1B Visa Proposal Stirs Debate
Dimon’s comments come amid a backdrop of significant changes in U.S. immigration policy. President Trump’s administration recently proposed a $100,000 fee for H-1B visas, a move that has sparked widespread concern in the tech industry. The proposal has been described as “purely destructive” by economist Paul Krugman, who warns that it could undermine America’s economic and technological leadership.
On the other hand, Netflix (NASDAQ:NFLX) co-founder and former CEO Reed Hastings supported Trump’s contentious $100,000 H-1B visa fee, describing it as a “great solution” to reform the program’s lottery system.
Commerce Secretary Howard Lutnick has labeled the H-1B visa system a “scam” and proposed a new “Gold Card” program as an alternative.
According to U.S. data, JPMorgan ranked among the top 10 H-1B visa sponsors in fiscal year 2024, approving visas for approximately 2,440 recipients. Other sponsors include big tech like Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL), among others.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
