12 Apr CEO: JPMorgan Chase Will Continue Doing Business with Firearm Industry
On Wednesday, the top U.S. bank executives went before House Financial Services Committee to discuss the global financial system. During the hearing, representatives on both sides of the aisle took the opportunity to question executives on their respective loan policies regarding the firearm industry.
JPMorgan Chase (1.6 – Liberal) CEO Jamie Dimon, was asked if his bank would changing its policies amidst criticism received because of Chase’s continued business with the firearm industry 2nd Amendment. Dimon defended Chase’s business practices with this answer:
Everything we do with clients goes through a severe process of review, reputational risk, etc. We have a very small relationship with gun manufacturers.
There are over 100,000 retailers out there who sell guns. Every single one that we do business with we do a thorough review…and if we think they are doing something wrong our risk committee stops doing business with them.
Alternatively Bank of America (1 – Liberal) CEO Brian Moynihan was asked about the decisions made to discontinue business with the firearm industry. Rep. Sean Duffy, R-Wis., pressed Moynihan on the matter and said:
It might play well in the east coast, it might play well in California, [but] your bank is not the Bank of New York or California, it’s the Bank of America.
Moynihan appeared to deflect by answering, “These are based on us taking a look at what the right thing [is] for our teammates and the communities we serve.”
Chase scores a 1.6 (Liberal) on the 2ndVote scale because of their support for several leftist organizations. However, based on CEO Dimon’s recent remarks, Chase appears to be committed to continuing offering banking services to legal businesses. While the left has put considerable pressure on banks for providing loans to the firearm industry, Chase has remained firm on this issue, Bank of America has sold out these manufacturers.
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