JPMorgan Chase CEO Jamie Dimon Knocks Biden’s Student Loan Forgiveness Plan

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., speaks during a House Financial Services Committee hearing in Washington, D.C., US, on Wednesday, Sept. 21, 2022. The CEOs of the biggest US consumer banks are set to warn lawmakers that Americans are struggling amid surging inflation, as …
Al Drago/Bloomberg via Getty Images

JPMorgan Chase CEO Jamie Dimon knocked President Joe Biden’s student loan forgiveness, charging it will do little to fix the ongoing problem.

Dimon called the program “badly done” when speaking before a U.S. House panel with other large bank CEOs on Wednesday.

“I wish they had targeted the people who actually needed help,” Dimon said. “They still haven’t fixed the underwriting and they haven’t fixed the cost of college.”

“We basically put a Band-Aid on, spent a lot of money and didn’t fix the problem,” he added.

President Biden’s plan would essentially give up to $20,000 in student loan cancellation to Americans earning less than $125,000 a year if they received Pell Grants and up to $10,000 in cancellation if they did not receive Pell Grants.

Dimon’s denunciation of the plan comes after a Convention of States Action/Trafalgar Group survey found that a majority of Americans would not vote for candidates who support the plan in the upcoming midterms. As Breitbart News reported:

Overall, 55.6 percent indicated they are less likely to support a candidate who supports Biden’s plan … Of those who said they are less likely to vote for a political candidate who supports Biden’s plan, 49 percent said they are “much less likely,” and 6.6 percent said they are “somewhat less likely.” However, 44.4 percent said they are more likely to offer their support to a candidate who supports the plan. 

Opinions are divided along party lines, as the overwhelming majority of Democrats, 89.4 percent, said they are more likely to vote for a candidate who supports Biden’s plan. However, 88.5 percent of Republicans said they are less likely, ad 53.9 percent of independents feel the same way. 

A recent poll from The Economist/YouGov also found that roughly 50 percent of Americans agree that student loan forgiveness would be unfair to those who did not attend college, with even more agreeing that it would be unfair to those who paid off their loans.


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