Apr 11, 2019
During a House Financial Services Committee hearing on Wednesday, Rep. Katie Porter used the financial struggles of one of her constituents to grill JPMorgan Chase CEO Jamie Dimon over the vast worker-executive pay gap and low wages at his bank.
"What I'd like you to do is provide a way for families to make ends meet, so that little kids who are six years old living in a one-bedroom apartment with their mother aren't going hungry at night because they're $567 short."
--Rep. Katie Porter
Porter, a Democrat from California, outlined the monthly expenses of her constituent, a single-mother working full-time as a JPMorgan Chase teller for $16.50 an hour.
After paying for rent on her one-bedroom apartment, food, utilities, child care for her daughter, and other basic needs, Porter estimated that her constituent has a $567 budget shortfall each month.
When Porter asked Dimon--who earns $31 million a year--how his employee should manage this shortfall while working 40 hours a week at his bank, the Wall Street CEO had no answer.
"I don't know, I'd have to think about that," Dimon said three times after Porter asked whether her constituent should take out a JPMorgan Case credit card and run a deficit or overdraft at the bank.
After Dimon said he would like to be "helpful," Porter responded, "What I'd like you to do is provide a way for families to make ends meet, so that little kids who are six years old living in a one-bedroom apartment with their mother aren't going hungry at night because they're $567 short."
"Mr. Dimon, you know how to spend $31 million a year in salary, and you can't figure out how to make up a $567 a month shortfall," Porter said. "This is is a budget problem you cannot solve."
\u201c.@RepKatiePorter outlined the budget of a single mother who works as a Chase bank teller, and asked JPMorgan CEO Jamie Dimon for solutions for the mother's over-$500 shortfall.\n\nDimon did not have a response\u201d— Bloomberg Quicktake (@Bloomberg Quicktake) 1554919904
In response to Dimon's suggestion that her math may not be correct, Porter hit back on Twitter.
"Jamie Dimon said he didn't know if all my numbers were accurate," the California Democrat wrote. "Here's the math so he can check."
\u201cDuring my questioning, @jpmorgan CEO Jamie Dimon said he didn\u2019t know if all my numbers were accurate. Here\u2019s the math so he can check.\u201d— Rep. Katie Porter (@Rep. Katie Porter) 1554921834
We're optimists who believe in the power of informed and engaged citizens to ignite and enact change to make the world a better place.
We're hundreds of thousands strong, but every single supporter counts.
Your contribution supports this new media model—free, independent, and dedicated to uncovering the truth. Stand with us in the fight for social justice, human rights, and equality. As a people-powered nonprofit news outlet, we cover the issues the corporate media never will. Join with us today!
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.