JPM CEO Dimon Urges Biden To Enact US (Fossil Fuel) Energy Industry “Marshall Plan”

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Assessment: Dimon also called for an increase in liquid natural gas facilities in Europe to reduce reliance on Russian imports …

According to anonymous sources, cited by Axios, JPMorgan Chase CEO Jamie Dimon told President Biden the White House needs to create a “Marshall Plan” to develop more domestic gas and other energy resources.

The discussion reportedly occurred during a private meeting this week as Treasury Secretary Janet Yellen, National Security Advisor Jake Sullivan and other top administration officials briefed banking and energy company executives on the impact of Russia’s invasion of Ukraine and resulting U.S. sanctions.

Dimon reportedly informed the president and his top economic advisors that additional support for domestic energy production in order to secure both American and European energy security.

“We have a historic set of ideas on the table for investment in the U.S. energy sector, which would strengthen our security and make us more resilient to actions by leaders like Putin,” Axios cited one White House official as saying.

“Those ideas are concrete, and we welcome engagement from all those who would join us in driving investments to strengthen our energy sector,” the official added.

Finally, Dimon reportedly emphasized the importance of increasing funding for technology supporting hydrogen and carbon capture. 

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