JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon told President Joe Biden he needs to develop a modern version of the Marshall Plan for generating an increased level of domestic natural gas production and a stronger state of energy security.
What Happened: Dimon made his comments during a White House meeting between Biden administration officials and the chief executives of major corporations, according to a Bloomberg report sourced from “three people familiar with the conversation” between the bank executive and the president.
Biden briefly popped into the meeting, which was when Dimon raised the need for increased short-term investment in U.S.-based natural gas production while also calling for reducing the time to obtain permits on renewable energy developments.
In citing the Marshall Plan, Dimon recalled a 1948 program developed by U.S. Secretary of State George C. Marshall that channeled $13 billion in aid to rebuild Western Europe following World War II. In Dimon’s version of the Marshall Plan, federal dollars would also be invested into cleantech solutions including hydrogen and carbon capture. He also called for more liquefied natural gas facilities in Europe, although it's unclear if Dimon expected the U.S. to pay for those facilities.
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Why It Happened: Dimon’s suggestion was designed to reduce dependency on foreign oil, a situation that created political shockwaves following reports the Biden administration was considering talks with Iran and Venezuela for reopening their oil trade after years of hostile relations between Washington and those countries.
The Bloomberg report's sources did not record Biden's immediate response to Dimon's suggestion.
Dimon did not call for increased U.S.-based oil production. Many financial institutions have been under pressure from progressive political leaders and activist investors to move away from lending to fossil fuel producers, although several states led by Texas have been pushing back with legislation designed to punish lenders who try to restrict their ties to the oil and gas industry.
Photo: Fortune Global Forum / Flickr Creative Commons
