CHARLOTTESVILLE, Va. (CBS19 NEWS) -- Chairman and CEO of JP Morgan Chase, Jamie Dimon, spoke Thursday about democracy and capitalism to an auditorium full of University of Virginia students and people from the community.

His visit comes during an important time for banking and the U.S. economy. In recent weeks, the U.S. financial world has seen the aftermath of bank failures in Silicon Valley and the Federal Reserve continues to try to manage inflation and avoid a recession.

In his shareholder letter, Dimon says in order for America to thrive, there needs to be a “21st-century government” whose policies fit everyday Americans’ needs.

"We fail at delivery. We act like policy is theology and it’s not," he said. "The biggest thing to gain is if the government changes their policies. I think that will have the biggest bang for their buck."

Dimon believes the economy is doing well, but says Americans should be prepared for uncertain outcomes, blaming inflation and geopolitical tensions.