JPMorgan Chase CEO Jamie Dimon is catching heat from Sen. Bernie Sanders Bernie SandersThe Hill's Campaign Report: Trump faces backlash after not committing to peaceful transition of power Bernie Sanders: 'This is an election between Donald Trump and democracy' The Hill's 12:30 Report: Trump stokes fears over November election outcome MORE (I-Vt.) after the Wall Street executive criticized socialism at a Business Roundtable (BRT) discussion with reporters on Wednesday.

“Socialism means that the government owns and controls companies,” Dimon said. "They are used for political purposes, not for economic purposes [and] over time, [that] leads to huge deterioration.

“The whole notion that that’s somehow going to be the course for America is a huge mistake," Dimon added about socialism.

Sanders fired back, tweeting that Dimon wasn’t “criticizing socialism when Wall Street begged for the largest federal bailout in American history—some $700 billion from the Treasury and even more from the Fed.”

I didn't hear Jamie Dimon criticizing socialism when Wall Street begged for the largest federal bailout in American history—some $700 billion from the Treasury and even more from the Fed. https://t.co/mnXyKqrjq1 — Bernie Sanders (@BernieSanders) June 12, 2019

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Sanders, a 2020 presidential contender, is a self-described democratic socialist and has made income inequality and taking on big business signature issues in his campaign.

Sanders is a vocal critic of Wall Street and has proposed legislation to break up some of the largest banks in the U.S.

His tweet also comes shortly before he is delivering what his campaign has called a speech defending democratic socialism on Wednesday afternoon.

Dimon made his remarks at a roundtable discussion beside IBM CEO Ginni Rometty, Cummins CEO Tom Linebarger, and BRT president and CEO Joshua Bolten as they discussed the quarterly BRT index that measures CEO economic expectations.

The CEOs outlined policy proposals they will push for on Capitol Hill, including modernizing the Higher Education Act.

When asked about paying for such programs, Dimon said, “sometimes it's not about more money, it's about doing it better.”

“We think those are important discussions to have about fairness and how things are distributed. The key is just to acknowledge what you’re getting and what you’re giving up,” Linebarger said.

Each CEO was asked who they are supporting in the 2020 presidential race. Dimon and Linebarger both said they are not backing a candidate yet, while Rometty didn’t answer.