Reports Monday morning have JPMorgan Chase (NYSE:JPM) releasing a set of policy recommendations for ways U.S. President-elect Joe Biden can prevent a coming wave of economic misery and reduce inequality in a post-COVID world.
The first priority is for lawmakers to agree on another round of pandemic relief payments to lower-income households and extending benefits for the unemployed, according to the paper, which can be found here. Failing to do so will result in unnecessary suffering as the pandemic deepens in coming months, according to one official. The bank’s findings are backed by data from hundreds of thousands of Chase customers.
The bank’s paper, following up on remarks that CEO Jamie Dimon has made recently, adds another voice to ongoing negotiations for a follow-up stimulus relief bill after key elements of the March CARES Act lapsed. Lawmakers are now hashing out the details of a slimmed-down bill that includes a $300 per week supplemental jobless benefit and money for small business loans that could be voted on next week.
JPMorgan, the biggest U.S. bank by assets, began sharing the summary with members of the Biden transition team in the past week, said Higginbottom, a former Obama administration official.
The key elements of the paper – which include pushing for federal policy changes to boost family’s emergency savings and expanding affordable housing programs — are likely to find a receptive audience in the incoming Biden administration, which campaigned on the need to help the most vulnerable Americans.
JPM shares slid $1.72, or 1.4%, to $120.62.
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