Missouri State Treasurer Vivek Malek joins 13 state financial officers in letter to J.P. Morgan Chase

JEFFERSON CITY, Mo. – Last week, Missouri State Treasurer Vivek Malek joined 13 of his fellow state financial officers in a letter to J.P. Morgan Chase & Co. Chairman and CEO James Dimon. The letter provides multiple examples of J.P. Morgan refusing to do business with individuals and groups associated with the fossil fuel industry, conservative causes, and Christian-aligned organizations.


In response to a Fox Business report on the letter to Dimon, Treasurer Vivek Malek said “This is just crazy. For Wall Street to target or de-bank industries, groups, or individuals in order to advance a radical political agenda isn’t just irresponsible, it’s un-American. Neither J.P. Morgan, nor any other banks, have any business operating in a way that isn’t exclusively based on the financial interests of their shareholders and clients.”


While the letter cited a pattern of seemingly politically-motivated decisions, one example impacted a group of conservatives in suburban St. Louis. In 2021, WePay, a subsidiary of Chase, shut down ticket processing services for the annual Defense of Liberty Dinner. Treasurer Malek added “Wall Street needs to focus on getting working Missourians a good return on their investments, not engaging in left-wing politics. We got a good close look at when ESG, woke, or whatever you want to call it, is used to silence conservative voices. In my role as Missouri State Treasurer, I am going to do whatever I can to fight these misguided and dangerous policies.”