JPMorgan Chase CEO Jamie Dimon called the White House's student loan forgiveness plan 'badly done' during a congressional hearing on Wednesday, and added the Biden administration's move doesn't go far enough to fix the problem with student lending.
The chief executives of the nation's seven largest banks testify at a hearing on Wednesday. Photo: Alex Wong via Getty Images
The plan also caps monthly payments at 5% of a borrower's monthly income. And after 10 years, individuals with loan balances below $12,000 will see that debt wiped.“We basically put a Band-Aid on, spent a lot of money and didn't fix the problem which will now be ongoing. So please, give it a fix," Dimon said. He said the plan does not address the cost of college or the procedures that determine who can afford loans.
At a hearing that lasted over six hours , lawmakers pushed the chief executives on a broad range of other issues, including the state of the economy, overdraft fees, ties with Russian firms and fossil fuel financing., Rep. Rashida Tlaib asked Dimon whether JPMorgan had a policy against funding new oil-and-gas development in order to combat climate change.
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