Jamie Dimon said the American Dream was “slipping out of reach” and he wanted to be part of the solution, so his bank put $40 million on the table.
The sheriff of Wall Street laid down a marker in March with the announcement of the American Dream Initiative, saying that the idea that hard work pays off was still alive, but “slipping out of reach for too many people, and for future generations.” Not only does it slow economic growth, he added, but it also hurts communities, and prevents many people from getting ahead. In one of the most ambitious community investment programs in the bank’s 225-year history, it committed nearly $80 billion in lending to small businesses over the next decade. After Memorial Day, JPMorgan revealed more of its plan.
