DON’T LET JP MORGAN CHASE TAKE CHICAGO’S RELIEF MONEY!
Jamie Dimon, CEO of JPMorgan Chase
In order to reimagine safety in our communities, we must shift our spending away from cops and banks so we can make investments in the public services that our communities need most.
Instead of prioritizing the hardest hit Chicagoans, the Mayor wants to divert $1 billion in ARPA relief to pay off loans--including $465 million to Wall Street giant JPMorgan Chase. That’s more than half of Chicago’s relief money!
These are the same banks that targeted Black and Brown customers with predatory mortgages and then foreclosed on them, and profited from private prisons and immigrant detention centers. These same banks profit from upholding an unfair system that overcharges municipalities when they borrow. Police and Wall Street deals are two expenses that continue to grow, forcing our communities to bear the costs of balancing the budget.
JPMorgan Chase has already gotten billions in bailouts. It doesn’t need our pandemic recovery money too! Sign this petition to call on JPMorgan Chase to waive interest on this loan so we can keep our relief money.
Read our fact sheet to learn more: ACRE Fact Sheet on Chicago ARP Relief
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To:
Jamie Dimon, CEO of JPMorgan Chase
From:
[Your Name]
To Jamie Dimon, CEO of JPMorgan Chase (jamie.dimon@chase.com):
The American Rescue Plan Act (ARPA) federal stimulus is intended to go directly into communities suffering the most from the devastating economic and health impacts of the pandemic. Instead of prioritizing the hardest hit Chicagoans, Mayor Lori Lightfoot wants to divert $1 billion in ARPA relief to pay off loans--including $465 million to JPMorgan Chase. That’s more than half of Chicago’s relief money! She wants to use the remainder of the money to plug holes in her 2021 budget, which prioritizes policing over community needs. Funding cops and banks--in the wake of the killing of Adam Toledo and in the midst of a devastating pandemic--is not how we keep our communities healthy and safe.
We are calling on JPMorgan Chase to waive interest on this loan so we can keep our relief money. The interest on this loan is $9 million a year. Congress passed the ARPA to go to communities, not to America’s largest bank. Your bank has $3.3 trillion in assets. The bank just awarded you $30 million as CEO bonus pay for 2020. Our communities should not have to miss out on $465 million in relief money so that your bank can add $9 million to its annual profits.
You need to waive the interest on this loan so Chicago’s hard hit communities can recover from the devastation of this deadly pandemic. JPMorgan Chase has already received billions in bailouts. It doesn’t need our pandemic recovery money too!
Signed,