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Jamie Dimon said Texas risks undermining its business-friendly reputation with laws designed to punish Wall Street banks for policies that limit work with the gun and fossil fuel industries.
“Texas is a wonderful, welcoming place” for business, the longtime JPMorgan Chase & Co. chief executive officer said Wednesday in an interview in Frisco, Texas. “The government’s done a magnificent job and that’s why you have the growth, why unemployment is so low, why people are moving companies and jobs here.”
“I think it’s a mistake to damage it even a little way,” said Dimon, who runs the nation’s largest bank.
Texas Republicans picked a fight with Wall Street over investment policies on firearms and oil in 2021, passing two laws that restricted public contracts with financial firms that “boycott” the fossil fuel sector or “discriminate” against gunmakers. The laws have upended bond deals and led to multiple probes into corporate policies, the latest of which was launched by Attorney General Ken Paxton last month to review 10 financial companies, including JPMorgan.
Bloomberg Business
By Danielle Moran
November 1, 2023