Congressman John Moolenaar Chairman of the Select Committee on the CCP | Official U.S. House headshot
Congressman John Moolenaar Chairman of the Select Committee on the CCP | Official U.S. House headshot
This week, John Moolenaar, Chairman of the House Select Committee on China, issued subpoenas to Jamie Dimon, CEO of JPMorgan, and Brian Moynihan, CEO of Bank of America. The subpoenas are related to their involvement in underwriting the initial public offering of Contemporary Amperex Technology Co., Limited (CATL), a Chinese battery company.
CATL is known for its role in China's military-civil fusion strategy, developing technology with both commercial and military uses. The Department of Defense has noted CATL's close ties to the Chinese military.
The subpoenas highlight concerns about CATL's position in battery manufacturing and its implications for U.S. investor and national security risks. Despite connections to the People's Liberation Army and China's military-industrial complex, Dimon and Moynihan have not cooperated with inquiries.
In April, the Select Committee requested information from JPMorgan and Bank of America. However, Bank of America provided only 10 documents—9 were public—and JPMorgan submitted just one public document.
"Congress has a duty to ensure U.S. capital isn’t funding the Chinese military," said Chairman Moolenaar. "That’s why I’ve issued subpoenas to the CEOs of JPMorgan and Bank of America. We asked for answers months ago. They stonewalled."
The executives are required to comply by August 8.
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