How Jamie Dimon Should Have Answered Representative Katie Porter - The Objective Standard

Last Wednesday, April 10, the United States House Committee on Financial Services held a hearing with the CEOs of several major banks. California freshman representative Katie Porter questioned JPMorgan Chase CEO Jamie Dimon about the wages of a hypothetical employee. This employee is a single mom making $16.50 per hour, a figure taken from an actual JPMorgan Chase entry-level job listing. It is her first job, and she cannot make ends meet. She is running a deficit, according to Porter, of $567 per month.

“How should she manage this budget shortfall while she’s working full-time at your bank?” Porter asked Dimon.

He pointed out, “You can get those jobs out of high school, and she may have my job one day.”

“She may,” Porter replied, “but Mr. Dimon, she doesn’t have the ability right now to spend your $31 million,” referring to his compensation.

Porter pressed Dimon further with a series of questions as to what the hypothetical employee should do. He didn’t have answers. He repeatedly said, “I don’t know. I’d have to think about it.”

Porter replied, “What I’d like you to do is provide a way for families to make ends meet.” . . .

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