Moolenaar Subpoenas Wall Street's Dimon, Moynihan for Backing Chinese Military Tech Giant

WASHINGTON, D.C. – This week, Chairman John Moolenaar (R-MI) of the House Select Committee on China sent subpoenas to JPMorgan CEO Jamie Dimon and Bank of America CEO Brian Moynihan over their roles in underwriting the initial public offering of Chinese battery giant CATL.

Contemporary Amperex Technology Co., Limited, or CATL, is a key player in China’s military-civil fusion strategy—developing dual-use tech with both commercial and military applications. It has also been flagged by the Department of Defense for its close military ties.

“CATL’s industry-leading role in battery manufacturing—a sector explicitly targeted by China’s state-driven military-civil fusion policy—poses significant U.S. investor and national security risks," the subpoenas write.

However, despite a direct connection to the People's Liberation Army and the CCP's military-industrial complex, the executives have failed to cooperate.

The Select Committee requested information from both JPMorgan and Bank of America in April. Bank of America produced just 10 documents—9 of them public. JPMorgan produced a single public document. 

“Congress has a duty to ensure U.S. capital isn’t funding the Chinese military. That’s why I’ve issued subpoenas to the CEOs of JPMorgan and Bank of America. We asked for answers months ago. They stonewalled. Wall Street shouldn’t be underwriting Chinese military companies—and the American people deserve transparency," said Chairman Moolenaar. 

The executives must comply by August 8.

Read The Wall Street Journal's exclusive here.

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