Jamie Dimon, CEO of JPMorgan Chase Bank and one of the most influential business executives in the United States, has voiced his reservations over the Biden administration’s drive for electric vehicles, claiming that it poses a threat to national security.
It is possible that “China’s… and its economic might to dominate batteries, rare earths, semiconductors, or EVs,” as Dimon put it in the company’s 2022 annual report released on Monday, could threaten national security by disrupting access to these products and minerals. We must not allow another country to gain control over these strategic assets.
China controls 85% of the world’s rare-earth elements.
65% of the world’s cobalt.
60% of the world’s lithium.
The Lower Energy Costs Act would reduce our dependence.
So why has Joe Biden promised to stop the bill?
— Lance Gooden (@Lancegooden) April 5, 2023
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From Your Wallet to China’s
While the U.S. government and citizens alike see the urgent need to lessen reliance on China for electric vehicle batteries and semiconductors, they also recognize that the US is still a long way from achieving this goal.
During a recent appearance before the House, Interior Secretary Deb Haaland discussed just these kinds of concerns.
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Republican Representative Guy Reschenthaler questioned her if she agreed that “electric vehicles and renewables expand our dependency on China, correct?” and she said, “Sure, Fine.”
On Tuesday, the government seemed to take the next step in its ongoing campaign to end fossil fuel production in the United States. The White House has announced its intention to offer bonuses and tax benefits to coal communities in exchange for the development of green energy projects on active and defunct coal mine sites.
Reprinted with permission. View this story and more on WayneDupree.com.