Jamie Dimon Says Stopping Oil and Gas Funding Would Be 'Road to Hell for America'

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J.P. Morgan Chase main Jamie Dimon connected Wednesday rejected successful the strongest presumption the thought that the country’s largest banks should halt backing caller lipid and state accumulation and exploration.

The main enforcement of the largest U.S. slope was testifying earlier a House sheet with different slope executives. Representative Rashida Tlaib, the Michigan Democrat, claimed that preventing temperatures from rising much than 2.7 degrees successful the coming decades would necessitate nary caller fossil substance production.

“Please answer, yes oregon no. Does your slope person a argumentation against backing caller lipid and state products?” Tlaib asked.

“Absolutely not and that would beryllium the roadworthy to Hell for America,” said Dimon.

Tlaib responded by saying that each J.P. Morgan Chase lawsuit who benefits from the Biden administration’s pupil indebtedness alleviation programme should adjacent their account. Earlier successful the hearing, Dimon had criticized the Biden administration’s program, calling it “badly done.”

Gasoline prices deed a grounds precocious this twelvemonth arsenic lipid soared. U.S. lipid accumulation has lagged due to the fact that of underinvestment successful the sector, successful portion driven by the popularity of ESG funds that shun fossil fuels. Climate alteration activists person sought to unit banks and others to debar investing successful oil, gas, and ember accumulation careless of the costs to the U.S. economy.

Russia’s penetration of Ukraine has spotlighted the dangers of Europe’s deficiency of vigor security. Because Europe has underinvested successful fossil substance vigor infrastructure astatine the behest of alleged clime alteration unit groups, it is perilously babelike connected Russia for earthy gas. Soaring vigor prices successful Europe a apt to propulsion economies determination into a heavy recession and person prompted the U.K.’s caller blimpish authorities to enact an tremendous spending programme aimed astatine keeping household vigor bills successful check.

🚨 Rep. @RashidaTlaib asked each large slope CEOs to taxable to her ESG docket and halt backing fossil fuels.

Their response?

JPMorgan Chase CEO Jamie Dimon: "Absolutely not and that would beryllium the roadworthy to Hell for America." pic.twitter.com/rGX7EjrVZj

— Consumers' Research (@ConsumersFirst) September 21, 2022

Jane Fraser, the main enforcement of Citigroup, besides said her slope would not halt backing fossil fuels.

“We volition proceed to put successful and enactment clients who are investing successful fossil fuels and successful helping them modulation to cleaner energy,” Fraser said.

Brian Moynihan, main of Bank of America, took a little combative code successful effect to Tlaib’s question.

“We are helping our clients marque a transition. And that means we are lending to some lipid and state companies and to caller vigor companies,” helium said. “We’re helping show their people toward the modular you are talking about.”

Wells Fargo’s CEO said helium agreed with Moynihan.

Before Tlaib ended her enactment of questions, she again attacking Dimon, telling him “you evidently bash not attraction astir working-class people.”

Tlaib ended her questions by threatening banks with regulations requiring them to halt backing fossil fuels.

“If your fiscal institutions are not going to travel done connected your nett zero commitments, past regulators—including the Federal Reserve and Congress—must measurement successful and marque them,” Tlaib said.

The Biden medication has recently elevated Yue (Nina) Chen to service arsenic main clime hazard serviceman for the Office of the Comptroller of the Currency, 1 of the superior regulators of banks successful the U.S. She is thought to enactment the benignant of regulations Tlaib mentioned.

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