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JPMorgan's Dimon backs Trump on health care transparency

JPMorgan Chase (JPM) CEO Jamie Dimon thinks people deserve to know how much they are paying out of pocket for their health.

On that score, he says the Trump administration’s executive order for transparency in healthcare is “great.”

On June 24, President Donald Trump signed an executive order that would legally require health care providers and insurers to inform consumers how much they are paying for potential services and products prior to committing to them.

The goal is to deflate the health care market, enabling people to shop in a way that could drive down costs. Dimon, along with billionaire investor Warren Buffett and Amazon CEO Jeff Bezos, have attacked the issue head-on with their health care initiative, called Haven.

WASHINGTON, DC - APRIL 10: Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks during a House Financial Services Committee hearing on April 10, 2019 in Washington, DC. Seven CEOs of the country’s largest banks were called to testify a decade after the global financial crisis. (Photo by Alex Wroblewski/Getty Images)

Trump’s initiative “is great,” Dimon told Yahoo Finance in an interview.

“If you had MRIs or a blood test, you know, in a two-block radius in the average town, the difference in cost could be five times,” he added.

“We should have had national exchanges, forced transparency, and a bunch of stuff. If we'd had that in Obamacare, it would be a much better chance to succeed. And we didn't,” the CEO said.

Donovan Russo is a writer for Yahoo Finance. Follow him @Donovanxrusso.

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