Press Releases

Luetkemeyer Presses Big Bank CEOs on Investments in China

WASHINGTON, D.C. – Today in a hearing with the CEOs of America’s largest retail banks in the House Financial Services Committee, Congressman Blaine Luetkemeyer (MO-03), Ranking Member on the Consumer Protection & Financial Institutions Subcommittee questioned Jamie Dimon (JPMorgan Chase), Jane Fraser (Citi), and Brian Moynihan (Bank of America) about their respective banks’ investments in China.

During the exchange all three CEOs, whose banks have human rights commitments published on their websites, refused to condemn the Chinese Communist Party for the human rights atrocities it regularly perpetrates. Moynihan went as far as to suggest that Bank of America’s Chinese investments were in no way tied to the communist government that controls every business in China. Moynihan and Dimon also refused to commit to reducing their investments in China even in the event of an attack on U.S. ally Taiwan, despite their banks’ public history of refusing services to legal American businesses based on political views.

Click HERE to watch.

“Each of your banks have published statements pledging your commitments to supporting and protecting human rights around the globe. According to the State Department’s 2021 report, genocide and crimes against humanity occurred in China last year. Those crimes include arbitrary and unlawful killings by the government, arbitrary imprisonment, forced sterilization, rape and torture of those arbitrarily detained… the government of China is the Communist Party, and the Communist Party of China is the government. If you’re doing business in that country… if they’re committing these atrocities - are you okay with that?”