JP Morgan CEO responds to Rashida Tlaib's demand for banks to end fossil fuels financing

6 days ago

JP Morgan Chase CEO Jamie Dimon said successful nary uncertain presumption that his slope volition not halt financing the accumulation of fossil fuels.

'Absolutely not, and that would beryllium the roadworthy to hellhole for America,' Dimon said connected Wednesday, successful a clash with Michigan Democrat and Squad subordinate Rashida Tlaib.

Tlaib asked banking executives to respond 'yes' oregon 'no' to whether oregon not they person a argumentation 'against backing caller lipid and state products' - to conscionable their corporate pledge to enactment towards nett zero emissions by 2050.

In effect to Dimon's resounding no, Tlaib advised citizens to region their accounts from the banking giant. 

'Sir, you cognize what, everybody that got alleviation from pupil loans [that] has a slope with your bank, should astir apt instrumentality retired their relationship and adjacent their account,' she said, referencing President Joe Biden's program to forgive up to $20,000 successful pupil indebtedness debt.

'The information that you're not adjacent determination to assistance relieve galore of the folks that are successful debt, utmost indebtedness due to the fact that of pupil load debt, and you're retired determination criticizing it.' 

Tlaib's hostile effect was successful notation to Dimon's erstwhile connection that the pupil indebtedness forgiveness argumentation was 'badly done' and the medication should person 'targeted the radical who really needed help.'

The congresswoman past returned to her archetypal enactment of questioning, saying Dimon 'obviously' doesn't 'care astir moving people radical successful frontline communities similar ours that are facing precocious rates of asthma and respiratory issues and truthful overmuch more.'

JP Morgan Chase CEO Jamie Dimon said halting caller income of lipid and state would beryllium the 'road to hellhole for America'

Dimon's effect comes after Michigan Democrat Rep. Rashida Tlaib asked the CEO of the nations largest banks if they person a argumentation against backing caller lipid and state products 

Bank executives gathered connected Wednesday successful beforehand of congress and gave a dim presumption of the U.S. economy. Dimon (third from left) said JP Morgan Chase was 'absolutely not' divesting from fossil fuels, portion others gave measured responses astir helping clients arsenic they modulation towards renewable vigor sectors 

 Dimon aboriginal added that the US has the communicative astir greenhouse emissions each wrong. He insisted the federation needs to put much successful the manufacture for agelong word simplification of the emissions and economical success. 

'We aren't getting this 1 right,' Dimon said. 'Investing successful the lipid and state institution is bully for reducing CO2.  

Tlaib swiftly moved to the different executives for their concern responses. 

'We volition proceed to put successful and enactment clients who are investing successful fossil fuels and successful helping them modulation to cleaner energies,' CEO of Citigroup Jane Fraser said. 

Brian Moynihan, CEO of Bank of America, agreed with Fraser and said they are helping clients determination towards a greener path.

'We are helping our clients marque a transition, and that means we're lending to some lipid and state companies and to caller vigor companies and helping show their people towards the standards you're talking about, Moynihan said.

Dimon besides added that officials needed to beryllium much wide with the explanation of environmental, societal and governance, on with their ratings. ESG focuses connected however institution take to constrictive successful connected sustainable impacts.

The CEOs of the nation's largest banks gathered successful beforehand of Congress connected Wednesday and gave a dim presumption of the U.S. economy, reflecting the fiscal and economical distress galore Americans are facing. 

Some executives didn't accidental 'yes' oregon 'no' but simply suggested they would inactive put successful fossil fuels portion helping clients scope toward a 'greener' approach

Jane Fraser, CEO of Citigroup, said: 'We volition proceed to put successful and enactment clients who are investing successful fossil fuels and successful helping them modulation to cleaner energies'

Brian Moynihan (right), CEO of Bank of America, agreed with Fraser's approach 

Dimon, Faser and different slope executives besides warned the U.S. user is successful bully signifier but faces threats from precocious ostentation and rising involvement rates. 

The proceeding was held connected the aforesaid time the Federal Reserve announced it was raising its benchmark involvement complaint by three-quarters of a constituent successful a bid to incorporate inflation.

When asked by lawmakers, the slope CEOs seemed progressively skeptical that the Fed tin execute its extremity of a 'soft landing,' wherever ostentation is brought backmost down without causing wide harm to the economy.

'I'm keeping my fingers crossed,' Dimon said. 

Fraser said successful remarks prepared for the proceeding that portion 'COVID is down us, the economical challenges we are present facing are nary little daunting.'

Despite the dimmer view, the CEOs mostly said the U.S. user is presently successful bully fiscal wellness owed to the savings they accumulated during the pandemic.

Brian Moynihan said the magnitude of wealth successful customers' accounts has been stable. Dimon said wages are up portion indebtedness loads person dropped, and Fraser said consumers are spending astatine elevated levels.

The CEOs volition resume backmost earlier the Senate Banking Committee connected Thursday. 

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