Democratic Representative Katie Porter on Wednesday stumped JP Morgan Chase CEO Jamie Dimon during a hearing asking him: how workers are supposed to make ends meet?
During a House Financial Services Committee hearing that included the CEOs of a few major banks, the congresswoman shared the story of a woman – a JPMorgan Chase employee, who takes home $2,425 each month from her present job and live in a one-bedroom apartment with her daughter in Irvine, California which costs around $1,600 a month.
Porter said that after the woman spends nearly $100 of her paycheck every month on various utilities, she ends up with a deficit of $567 a month.
— Rep. Katie Porter (@RepKatiePorter) April 10, 2019
Dimon said, “I don’t know that all your numbers are accurate, that number is generally a starter job,” he responded.
Porter, replied, “She is a starting employee, she has a 6-year-old child, this is her first job,”
“You can get those jobs out of high school, and she may have my job one day,” Dimon said.
“She may, but Mr Dimon, she doesn’t have the ability right now to spend your $31 million,” Porter said referring to the CEO’s pay package last year.
“I’m wholly sympathetic,” Dimon responded.
“She’s short $567, what would you suggest she do?” Porter asked.
“I don’t know, I’d have to think about that,” Dimon said.
“Would you recommend that she take out a JP Morgan Case credit card and run a deficit?” Porter continued.
“I don’t know, I’d have to think about it,” the CEO replied.
“Would you recommend that she overdraft at your bank and be charged overdraft fees?” Porter asked.
“I don’t know, I’d have to think about it,” he’d “love to call up and have a conversation about her financial affairs and see if we could be helpful,” CEO said.
Many have asked about the multiplication I used to calculate Patricia’s salary. In the example I walked through with Mr. Dimon, I added a $750 bonus, which the bank occasionally offers some employees. Tried to be as generous as possible in calculating the gross pay!
— Rep. Katie Porter (@RepKatiePorter) April 11, 2019
In another tweet Porter wrote, “During my questioning, @jpmorgan CEO Jamie Dimon said he didn’t know if all my numbers were accurate. Here’s the math so he can check.”
Porter told CNN in an interview that the woman she talked about was a hypothetical person.
She is “a representative of a number of constituents that we’d heard from,” Porter said.
Porter later described a job listing during the hearing which advertises a bank teller position paying an hourly wage of $16.50. “There is no Patricia out there, but in the other way, there are thousands and thousands, and tens of thousands of Patricia out there.”