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JPMorgan plans $1.5 trillion push into US critical minerals
The Security and Resiliency Initiative would direct up to $10 billion into direct equity and venture capital investments to expand domestic manufacturing.
JPMorganChase plans to invest $1.5 trillion over the next decade into industries tied to US economic security, including critical minerals, advanced manufacturing and defence technology, as Washington seeks to reduce reliance on foreign supply chains, according to Mining.com.
The bank said its Security and Resiliency Initiative includes up to $10 billion in direct equity and venture capital investments in selected companies, primarily in the US, to accelerate innovation and domestic manufacturing.
Mining.com added that JPMorgan previously aimed to facilitate and finance about $1 trillion in these sectors over 10 years, and now intends to increase that commitment by as much as 50%.
JPMorgan CEO Jamie Dimon said the US has become too dependent on unreliable sources of critical minerals and manufacturing essentials for national security, adding that the initiative is meant to strengthen the resilience of the US economy.