Oct. 13 (UPI) -- JPMorgan Chase unveiled plans Monday for a 10-year, $1.5 trillion initiative to provide funding and invest in sectors, from rare minerals to cutting-edge technologies, seen as critical to the economic security and resilience of the United States.
The world's largest bank said it would invest $10 billion of that directly, via equity and venture capital funding, to help selected companies, mostly in the United States, boost growth, drive innovation and accelerate strategic manufacturing.
"It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing -- all of which are essential for our national security," said JPMorgan Chase Chairman and CEO Jamie Dimon.
"Our security is predicated on the strength and resiliency of America's economy. America needs more speed and investment. It also needs to remove obstacles that stand in the way: excessive regulations, bureaucratic delay, partisan gridlock and an education system not aligned to the skills we need," Dimon said.
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