On Wednesday, Jamie Dimon, Chairman and CEO of JPMorgan Chase, shot down an attempt by far-left Rep. Rashida Tlaib (D-MI) to suggest that banks should quit funding new oil and gas products, explaining that doing so would be a “road to hell for America.”
The exchange happened during a House Financial Services Committee hearing from top bank executives on regulatory and oversight in their industry.
“You have all committed, as you all know, to transition the emissions from lending and investment activities to align with pathways to net zero in 2050,” Tlaib said. “Do you know what the International Energy Agency has said is required to meet our global 2050 net sterile targets of limiting global temperature rise to 2.7 degrees Fahrenheit, or 1.5 degrees Celsius? So no new fossil fuel production starting today, that’s, so that’s like zero.”
“Please answer with a simple yes or no — does your bank have a policy against funding new oil and gas products?” Tlaib asked. “Mr. Dimon?”
“Absolutely not,” Dimon responded. “And that would be the road to hell for America.”
“Yeah, that’s fine,” Tlaib responded. “That’s why sir, you know what, everybody that got relief from student loans, has a bank account with your bank should probably take out their account and close their account, the fact that you’re not even there to help relieve many of the folks that are in debt, extreme debt because of student loan debt, and you’re out there criticizing it.”
Tlaib later added that Dimon “obviously” does not “care about working class people and frontline communities.”
It should be noted that the Democrats’ student loan cancellation plan could cost Americans taxpayers over $1 trillion, drive up already record high inflation, and increase the overall cost of college. Additionally, the plan primarily benefits Americans in upper income quintiles – not the working class.
Rep. @RashidaTlaib challenges bank CEOs to agree to stop funding fossil fuels, is rejected by every single one
Jamie Dimon: "That would be the road to Hell for America" pic.twitter.com/U7yr6AbtyF
— Tom Elliott (@tomselliott) September 21, 2022