JPMorgan's Jamie Dimon grilled on guns in Congress, defends bank policy
JPMorgan Chase's (JPM) CEO Jamie Dimon came under intense questioning on Wednesday over the bank's relationships with gunmakers, and was asked if he’d consider implementing a formal policy limiting that business — as some of his peers have.
During a House Financial Services Committee hearing with 7 of the most prominent U.S. bank CEOs on Wednesday, Rep. Carolyn Maloney (D-NY) publicly thanked Citigroup (C) and Bank of America (BAC) for "[stepping] up to the plate" by adopting formal policies limiting business with certain gun industry clients following the Parkland school shooting.
However, Maloney’s tone shifted when she directed her questions to Dimon. The congresswoman referenced Dimon's widely read annual letter released last week in which he wrote about JPMorgan having to sometimes turn down clients “with low character” as a way to be a “responsible” bank.
Maloney used excerpts of the letter to grill Dimon, saying that "actions speak louder than words on guns...[and] from what I can tell, these are just words to you."