JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon has made it clear that his bank will not contribute to the Donald Trump administration's $300 million White House ballroom project — even as some of the biggest names in tech and business open their checkbooks.
Dimon Says JPMorgan Must Avoid ‘Buying Favors'
Speaking with CNN anchor Erin Burnett on Wednesday, Dimon addressed why JPMorgan Chase was not among the companies listed as donors for the new ballroom being built where the White House's East Wing once stood.
He explained that the company must be cautious because of its extensive dealings with governments worldwide.
Dimon said JPMorgan has to be "very careful about how anything is perceived" and how future administrations, including the Department of Justice, might view such donations.
"We have an issue, okay, which is anything we do, since we do a lot of contracts with governments here and around the world, we have to be very careful about how anything is perceived," he said. "And also how the next DOJ is going to deal with it."
He added that the company is "quite conscious of risks" that could arise from doing anything that appears as if it's "buying favors" and noted that JPMorgan's internal policies restrict certain contributions for that reason.
White House Ballroom Project Draws Big Tech Support
During the demolition of the East Wing, the Trump administration released a list of corporate donors helping fund the ballroom's construction.
Companies such as Amazon.com Inc. (NASDAQ:AMZN), Apple Inc. (NASDAQ:AAPL), Alphabet Inc.'s (NASDAQ:AAPL) Google, Microsoft Corp. (NASDAQ:MSFT) and Palantir Technologies Inc. (NASDAQ:PLTR) were among those named.
President Trump previously said the White House raised $300 million for the project, later increasing that figure to $350 million, according to ABC News. Trump suggested that some of the funds could be used to build an arch at the entrance of Washington, D.C., near the Lincoln Memorial.
Criticism Over East Wing Demolition
The decision to demolish the historic East Wing has faced criticism from lawmakers, historians and former White House residents.
Reports have also suggested that former First Lady Melania Trump privately opposed the move, even as her husband championed the new ballroom.
The White House has said the ballroom's construction is expected to be completed by 2029, before Trump's second term ends in January.
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