This week, John Moolenaar, Chairman of the House Select Committee on China, issued subpoenas to Jamie Dimon and Brian Moynihan, CEOs of JPMorgan and Bank of America respectively. The subpoenas relate to their involvement in underwriting the initial public offering of Chinese battery company CATL.
CATL is recognized for its significant role in China's military-civil fusion strategy. This strategy involves developing technology with both commercial and military applications. The Department of Defense has flagged CATL due to its military connections.
"CATL’s industry-leading role in battery manufacturing—a sector explicitly targeted by China’s state-driven military-civil fusion policy—poses significant U.S. investor and national security risks," stated the subpoenas.
Despite connections to the People's Liberation Army and the CCP's military-industrial complex, Dimon and Moynihan have not cooperated fully with inquiries from the committee. In April, information was requested from both financial institutions. Bank of America submitted 10 documents, nine of which were public; JPMorgan provided only one public document.
"Congress has a duty to ensure U.S. capital isn’t funding the Chinese military. That’s why I’ve issued subpoenas to the CEOs of JPMorgan and Bank of America. We asked for answers months ago. They stonewalled. Wall Street shouldn’t be underwriting Chinese military companies—and the American people deserve transparency," Moolenaar said.
The executives are required to comply with these subpoenas by August 8.
Further details can be found in The Wall Street Journal's exclusive report.
