Democratic Rep. Katie Porter stumps JPMorgan's Jamie Dimon on working-class budget math
At a House Financial Services Committee hearing Wednesday, freshman Rep. Katie Porter (D-Calif.) grilled JPMorgan Chase CEO Jamie Dimon on how a JPMorgan employee named Patricia who earns $16.50 an hour — or $35,070 a year — should manage her family's budget. On Thursday, Porter told CNN that the job and the numbers were real but "Patricia" was a composite of a lot of her constituents. "There are thousands and thousands, and tens of thousands of Patricias out there," Porter said.
This Patricia has one 6-year-old daughter, with whom she shares a one-bedroom apartment in Irvine, California. After accounting for bare-bones living expenses, Porter calculated, Patricia was $567 in the hole at the end of each month.
"How should she manage this budget shortfall while she's working full-time at your bank?" Porter asked Dimon. Learning this was a starting position, Dimon said, "You can get those jobs out of high school, and she may have my job one day." "She may, but Mr. Dimon, she doesn't have the ability right now to spend your $31 million," Porter shot back. When pressed for his advice on what Patricia should do, Dimon repeated, "I don't know, I'd have to think about that." Porter said she appreciated his "desire to be helpful, but what I'd like you to do is provide a way for families to make ends meet."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Porter was focusing on income inequality in her grilling of a Wall Street chieftain, but on Thursday's Daily Show, Desi Lydic focused on another Wall Street problem: "Bro culture" and its paranoid, woman-quashing reaction to #MeToo. You can watch that below. Peter Weber
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Today's political cartoons - November 23, 2024
Cartoons Saturday's cartoons - qualifications, tax cuts, and more
By The Week US Published
-
Long summer days in Iceland's highlands
The Week Recommends While many parts of this volcanic island are barren, there is a 'desolate beauty' to be found in every corner
By The Week UK Published
-
The Democrats: time for wholesale reform?
Talking Point In the 'wreckage' of the election, the party must decide how to rebuild
By The Week UK Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published