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‘Road to hell for America’: JP Morgan CEO snaps back at Rep. Tlaib on fossil fuels

JPMorgan Chase & Business Chairman and CEO Jamie Dimon testifies at a Senate Banking Committee yearly Wall Street oversight hearing, Thursday, Sept. 22, 2022, on Capitol Hill in Washington. (AP Image/Jacquelyn Martin) Jacquelyn Martin/AP

‘Road to hell for America’: JP Morgan CEO snaps back again at Rep. Tlaib on fossil fuels

Ryan King

September 22, 03:33 PM September 22, 03:33 PM

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” in the course of a Home listening to.

At an Oversight Committee hearing Wednesday, Rep. Rashida Tlaib (D-MI) pressed a cadre of banking executives sitting in advance of the investigatory panel on whether or not they would commit to quit funding new fossil gas assignments.

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“Absolutely not, and that would be the road to hell for America,” Dimon quipped throughout a tense trade with the “Squad” member.

Seemingly expecting that solution, Tlaib encouraged these poised to acquire student personal loan aid with accounts at JPMorgan Chase to close their accounts with his business.

“Sir, you know what? All people that bought aid from pupil financial loans [that] has a financial institution account with your financial institution should possibly choose out their account and close their account,” she reported. “The point that you happen to be not even there to decrease numerous of the individuals that are in debt, intense credit card debt, simply because of scholar financial loan debt. And you happen to be out there criticizing it.”

Dimon, who is broadly regarded as one of the foremost voices in the world of finance, beforehand slammed environmentalists pushing to suppress oil and gas creation, arguing such steps could direct to amplified coal use in establishing countries.

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“We aren’t getting this 1 correct,” Dimon extra. “Investing in the oil and fuel business is superior for minimizing CO2.”

Following the trade, Tlaib peppered the other banking executives in attendance about their positions on fossil fuels. Executives from Citigroup and Lender of The usa defined that they are collaborating with their shoppers to support reduce carbon dioxide emissions.

During the listening to, Dimon also built headlines for disparaging “crypto tokens,” normally referred to as cryptocurrency, for becoming a “Ponzi scheme.” Dimon has lengthy been a crypto skeptic.

“I’m a main skeptic on crypto tokens, which you get in touch with currency, like Bitcoin. They are decentralized Ponzi strategies,” he declared although boosting protection worries about ransomware payments and other felony activity.

The JPMorgan Chase main has been outspoken about numerous of his sights on general public policy, often venting that Congress is failing to remedy the complications afflicting the state. He surmised that there is a “modest likelihood” the Federal Reserve will reach the gentle landing it wants as it attempts to taper down inflation.

“I believe policymakers must be geared up for the worst, so we get the right actions if and when that happens,” he reported, for every Roll Simply call. “I am preserving my fingers crossed.”

JPMorgan Chase was rated as just one of the foremost fossil fuel financiers in a analyze by environmental teams very last yr. In terms of the stability sheet, JPMorgan Chase is the most significant nongovernment U.S. financial institution, according to Insider Intelligence.

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