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The CEO of a major US bank has come out in support of the Department of Government Efficiency (DOGE), led by Elon Musk.

Some shit you should know before you read: Since DOGE began its work within the federal government, supporters have praised the initiative for targeting waste, fraud, and abuse, arguing that its cost-cutting measures are necessary for increasing efficiency and reducing unnecessary spending. Supporters believe that eliminating fraud, waste, and abuse will allow the US the ability to spend more on domestic priorities, paying down debt, and help americans who are financially struggling. However, critics have raised concerns about potential conflicts of interest, particularly given Elon Musk’s leadership role, questioning whether his private business interests could influence public policy decisions. Additionally, some argue that DOGE’s aggressive cost-cutting could undermine essential public services and disproportionately impact vulnerable communities.

What’s going on now: While speaking on CNBC, Jamie Dimon expressed support for the DOGE, emphasizing the need for improved governmental effectiveness. “The government is inefficient, not very competent, and needs a lot of work,” Dimon stated, highlighting his belief that the current system is overly bureaucratic and wasteful. He argued that addressing inefficiencies is crucial, saying, “It’s not just waste and fraud, it’s outcomes. Why are we spending the money on these things? Are we getting what we deserve?”

Dimon voiced hope for DOGE’s success, noting, “I’m hoping it’s quite successful,” while also acknowledging potential legal challenges, adding, “If DOGE overreaches with its cost-cutting efforts or engages in activity that’s not legal, the courts will stop it.”

This comes after another notable executive, Palantir CTO Shyam Sanka also expressed approval of DOGE. While speaking on an earnings call, Sanka said, “Palantir’s real competition is a lack of accountability in government, these forever software projects that cost an insane amount that don’t actually deliver results. They’re sacred cows of the deep state. And I think DOGE is going to bring meritocracy and transparency to government. And that’s exactly what our commercial business is. The commercial market is meritocratic and transparent, and you see the results that we have in that sort of environment. And that’s the basis of our optimism around this.”