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June 2, 2025
JPMorgan Chase CEO Should Put His Money Where His Mouth Is
JPMorgan Chase’s CEO and Chairman Jamie Dimon made an unexpected, and rather ironic, “call-to-arms” when it comes to U.S. investments. The head of the largest U.S. bank by assets said America should be investing in heavy metals – including the ones produced by the firearm and ammunition industry.
“We shouldn’t be stockpiling bitcoins,” Dimon said, according to a Fox News report. The comments came at the inaugural Reagan National Economic Forum in California. “We should [sic] stockpiling guns, bullets, tanks, planes, drones, you know, rare earths. We know we need to do it. It’s not a mystery.”
It is a bit of a mystery as to the “how” and “why” Dimon came to this revelation. It’s also a mystery if he’s going to put his bank’s money where his mouth is. That’s because JPMorgan Chase is among several corporate banks that continue to discriminate against the firearm and ammunition industry. Dimon calls for the U.S. government to invest in building up stockpiles of guns and ammunition but his bank refuses services to those same manufacturers. In fact, JPMorgan Chase holds discriminatory policies against the firearm and ammunition industry that continued to cater to “woke” ideologies, while the bank’s chairman and CEO drones on about the virtues of American freedoms like they are some newfound buzzwords.
“Celebrate our virtues: freedom of speech, freedom of religion, freedom of enterprise, equal opportunity, family, God, country,” Dimon said. “You know, and you can acknowledge the flaws that we have, which are extraordinary – what we did the Black population for years. Don’t denigrate the great things of this country, because those are two different things.”
Ironically, he added, “We don’t talk that much to each other – deal with our policies – this is the enemy within. We’ve got to fix our permitting our regulations, our immigration, our taxation, which I, I think they’re on their way. We have to fix our inner city schools, our health care system.”
End Banking Discrimination
If Dimon is truly committed to a conversation about dealing with discriminatory policies and making substantive changes that will invest in America’s protections and American freedoms, he could start with the NSSF-supported Fair Access to Banking Act, introduced by U.S. Sen. Kevin Cramer (R-N.D.) as S. 401, and Rep. Andy Barr (R-Ky.) introduced H. R. 987 under the same title. The Fair Access to Banking Act would stop corporate banks from picking winners and losers based on executives’ personal politics. The legislation also protects banks from outside pressure by special interest groups seeking to use the banks as a weapon to advance their political agenda.
That’s critically important because Dimon’s bank – JPMorgan Chase, along with other corporate banking giants like Citigroup, Bank of America and Wells Fargo – adopted policies that do exactly that. They’re picking winners and losers based on personal politics – not credit worthiness or business potential.
In JPMorgan Chase’s case, that meant intentionally limiting access to financial services for firearm-related businesses. USA Today reported in 2018, “JPMorgan Chase’s business relations with gunmakers ‘have come down significantly and are pretty limited,’ Chief Financial Officer Marianne Lake told reporters after the nation’s number one bank by assets issued its first-quarter earnings results.”
Dimon testified at a Congressional hearing and stated under oath in 2021 that JPMorgan Chase would not lend to manufacturers of Modern Sporting Rifles (MSRs). “We do not finance the manufacture of military style weapons for civilian use,” Dimon said at the time.
It didn’t end there. Just two years ago, JPMorgan Chase was caught red-handed using their financial might to pressure the financial software company Intuit into preventing firearm businesses from using their payment services. The revelation came to light after several businesses told Sen. Ted Cruz (R-Texas) of Intuit abandoning them, only to have Intuit tell the senator they made the move after JPMorgan Chase, along with Bank of America, told them to prohibit gun manufacturers and sellers from using Intuit’s Quickbooks software.
Bankers on Notice
JPMorgan Chase’s decision to discriminate against firearm manufacturers hasn’t been without consequence. To date, 11 states have signed into law the Firearm Industry Nondiscrimination (FIND) Act, which prohibits state agencies and local government entities from entering into contracts with corporations that discriminate against the firearm industry. Similar legislation is pending in Congress. Sen. Steve Daines (R-Mont.) introduced S. 137, and Rep. Jack Bergman (R-Mich.) introduced H.R. 45, both titled the Firearm Industry Nondiscrimination (FIND) Act.
Discrimination against the firearm and ammunition industry has the attention of President Donald Trump as well. He excoriated Bank of America CEO Brian Moynihan while speaking at the World Economic Forum 2025 in Davos, Switzerland, earlier this year. His remarks included JPMorgan Chase for their discriminatory policies too.
“You and Jamie [JPMorgan Chase CEO Jamie Dimon] and everybody else, I hope you start opening your banks to conservatives,” President Trump said directly to Bank of America CEO Brian Moynihan. “What you’re doing is wrong.”
Dimon’s realization that American investment in firearm and ammunition manufacturing would be welcome, if it weren’t such a hollow admonition. Dimon knows – or should know as one of the world’s leading banking executives – that the same firearm and ammunition industry that makes the tools for the U.S. military also makes tools for law-abiding citizens to exercise their Second Amendment rights, which are no less important than the other rights he celebrates as virtues. Economic security and American freedom hinge on corporate banks ditching their “woke” discriminatory policies that continue to target those gun and ammunition makers that are the “arsenal of freedom.”
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