Jamie Dimon and other JP Morgan executives donated to Kyrsten Sinema
JP Morgan CEO Jamie Dimon listens to his presentation at the Boston College Chief Executives Club luncheon in Boston, Massachusetts, U.S., November 23, 2021.
Brian Snyder | Reuters
JP Morgan Chase CEO Jamie Dimon and other bank executives contributed to the campaign of centrist Democratic Senator Kyrsten Sinema, who opposed key elements of her party’s and President Joe’s agenda. Biden, during the first quarter.
Dimon, according to Sinema’s latest Federal Election Commission filing, donated $2,900 to the lawmaker’s political operation in February. This amount is the more an individual can donate directly to a candidate’s campaign. Records show Dimon gave to lawmakers on both sides of the aisle during the most recent quarter, which spanned January through March 31.
The senator, who has received support from executives and corporate political action committees since pushing back her own party, is up for re-election in 2024. Arizona is considered a swing state despite the presence of two Democrats who represent him in the US Senate. [Sen. Mark Kelly is vying for re-election this year.] The state also opted for Biden in the 2020 election, the first time since 1996 that a Democrat has won Arizona.
Sinema has opposite some elements of Biden’s agenda, including the idea of raising the corporate tax rate from 21% to 28%. She supports the proposed minimum corporate tax of 15% on the declared income of large companies, in the meantime. Many financiers within Sinema’s own party have already plotted a primary against her.
The donations from Dimon and other JP Morgan executives came after Sinema reiterated in January that she would not support the proposal changes to the Senate’s filibuster rule. Mary Erdoes, CEO of JP Morgan Chase’s Asset & Wealth Management business line, donated $2,900 to Sinema’s campaign in February. Robert Baynard, vice president of the bank, donated $2,000 to his campaign in late January.
Sinema’s executive PAC, which is called Getting Stuff Done, saw $5,000 of the bank’s PAC at the end of last year.
Sinema raised more than $1.6 million last quarter, and his campaign has just under $7 million on hand.
A representative for Sinema did not return a request for comment. A JP Morgan spokeswoman told CNBC on Friday that Dimon also donated to Sens campaigns. Tim Scott, RS.C. and Patty Murray, D-Wash., along with Reps. Hakeem Jeffries, DN.Y., and Patrick McHenry, RN.C. The spokeswoman declined to comment further.
Dimon has spoken on various political issues for years, including taxes. At a House Financial Services hearing last year, Dimon took aim at Biden’s proposed tax hikes.
“The tax increase is actually four times the tax decrease from 2017,” Dimon said. said at the time. “You all know the phrase the devil is in the details, well the details here are all that matters, not the 28% turnover.”
Dimon also said he’s not against raising taxes on the wealthy, but thinks any new legislation could target income.
Since becoming president, Biden has met Dimon several times. Axios reported that the Wall Street executive pushed Biden to have his administration create a “Marshall Plan” to further develop domestic gas and other energy resources.