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
Create an account with the same email registered to your subscription to unlock access.
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.
-
5 ways to help the environment while on vacation
The Week Recommends An afternoon of planting trees could be the best part of your trip
By Catherine Garcia, The Week US Published
-
Doctors are taking on dental duties in low-income areas
Under the radar Physicians are biting into the dentistry industry
By Devika Rao, The Week US Published
-
Instagram hopes that blurring nudity in messages will make teens safer
The Explainer The option will be turned on by default for users under 18
By Justin Klawans, 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
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published