JPMorgan Chase CEO Jamie Dimon is not committing to divesting from fossil fuels and shrugged off the notion as a “road to hell for America” during a House hearing.
At an Oversight Committee hearing Wednesday, Rep. Rashida Tlaib (D-MI) pressed a cadre of banking executives sitting before the investigatory panel on whether they would commit to stop funding new fossil fuel projects.
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JAMIE DIMON WARNS OF ECONOMIC ‘HURRICANE’
“Absolutely not, and that would be the road to hell for America,” Dimon quipped during a tense exchange with the “Squad” member.
Seemingly expecting that answer, Tlaib encouraged those poised to receive student loan relief with accounts at JPMorgan Chase to close their accounts with his company.
“Sir, you know what? Everybody that got relief from student loans [that] has a bank account with your bank should probably take out their account and close their account,” she said. “The fact that you’re not even there to relieve many of the folks that are in debt, extreme debt, because of student loan debt. And you’re out there criticizing it.”
https://twitter.com/tomselliott/status/1572682957562978304?s=20&t=dxEHsLWj6ry-5XZi9AKGbQDimon, who is widely regarded as one of the foremost voices in the world of finance, previously slammed environmentalists pushing to curb oil and gas production, arguing such steps could lead to increased coal use in developing countries.
“We aren’t getting this one right,” Dimon added. “Investing in the oil and gas company is good for reducing CO2.”
Following the exchange, Tlaib peppered the other banking executives in attendance about their positions on fossil fuels. Executives from Citigroup and Bank of America explained that they are collaborating with their clients to help reduce carbon dioxide emissions.
During the hearing, Dimon also made headlines for disparaging “crypto tokens,” commonly referred to as cryptocurrency, for being a “Ponzi scheme.” Dimon has long been a crypto skeptic.
“I’m a major skeptic on crypto tokens, which you call currency, like Bitcoin. They are decentralized Ponzi schemes,” he declared while raising security concerns about ransomware payments and other criminal activity.
The JPMorgan Chase chief has been outspoken about many of his views on public policy, often venting that Congress is failing to remedy the problems afflicting the country. He surmised that there is a “small chance” the Federal Reserve will achieve the soft landing it wants as it tries to taper down inflation.
“I think policymakers should be prepared for the worst, so we take the right actions if and when that happens,” he said, per Roll Call. “I’m keeping my fingers crossed.”
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JPMorgan Chase was ranked as one of the leading fossil fuel financiers in a study by environmental groups last year. In terms of the balance sheet, JPMorgan Chase is the largest nongovernment U.S. bank, according to Insider Intelligence.
