Head of major U.S. bank: Biden's EV addiction could hurt national security

April 5, 2023
World Net Daily

This story was originally published by the WND News Center.

The head of one of America's largest financial institutions, Chase Bank, says the electric vehicle ideology being pursued by the Joe Biden administration could be dangerous.

In fact, according to Jamie Dimon, such moves could imperil national security.

A report from Just the News, it explained how Dimon's comments came in the company's 2022 annual report.

The top Democrat Party donor says he has concerns about Biden's agenda.

"China ... and its economic muscle to dominate batteries, rare earth, semiconductors or EVs, could eventually imperil national security by disrupting our access to these products and materials," Dimon explained in the company's 2022 report.

"We cannot cede these important resources and capabilities to another country."

The Biden administration and others have admitted the U.S. needs to move to a position of being less dependent on China's battery and semiconductor industries.

But analysts point out that independence on such issues remains "far away."

China, in fact, dominates the world in the development and production of a variety of rare components to the high-tech batteries that nations appear to be moving toward.

And Interior Secretary Deb Haaland, in fact, recently admitted to that problem.

She confirmed during a House hearing that China's dominance in the rare earth minerals industry means America is more reliant on foreign sources.

But Biden has worked aggressively since he took office to destroy America's natural gas and oil production industries, eliminating lease sales, canceling pipelines, and more.

Dimon, long a supporter of and contributor to Democrat causes, also said in his annual letter that artificial intelligence is groundbreaking, and critical to his company's success.

He also warned the "current disruption" in the bank industry isn't over – yet

Further, there will be "repercussions" for years to come, he warned.

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