In recent time, two phares have got popularity in the U.S.A, of which one is “Make American Great” and the other is “American Dream Initiative”. The former is the election campaign slogan of President Donald Trump, while the latter is the business branding announced by Jamie Dimon, the CEO (Chief Executive Officer) of JPMorgan Chase bank. Apart from this, “Make America Great” is mostly related to politics, but “American Dream Initiative” is related to finance and economy.
JPMorgan Chase has recently announced its “American Dream Initiative” with an objective of supporting small businesses, homeownership and healthcare access. Announcing this great deal for Americans, Jamie Dimon, has commented that American dream is on life support, so he is planning for his bank to step in. The largest bank of the U.S.A. has recently announced the “American Dream Initiative” with an underlying support for small businesses and low-income group so that they can comfortably run their businesses and can also afford to own a house, access to healthcare facilities and other priority services, which is considered as essential for the Americans.
As learnt from local media report that Jamie Dimon, who is a long time CEO of America’s largest bank, has expressed his concern in many occasions about the future of American economy and wealth inequality. As a part of his ongoing comment on Americans, he has recently warned saying that the country is sleepwalking into economic stasis and has also blamed the bad politics and rules, what according to him, has made the situation very hard to invest in new ventures and run companies. Attending at one gathering recently held in Washington D.C. Dimon has made open comment “I am deeply frustrated by our own policies in America”. He further said, “We have become like Europe, we are unable to move and change”.
JPMorgan Chase, being the largest bank in U.S. has historically made significant commitment in developing the society. It is learnt from local media report that last year this bank had announced $1.5 trillion investment platform with focus on national security and supply chain keeping pace with Federal government’s initiating investment in critical suppliers. After the killing of George Floyd, JPMorgan Chase had committed $30 billion racial equity. In 2021, this bank announced $2.50 trillion climate change plan. This year they have announced new plan of “American Dream Initiative” with commitment of adding three million new small-business customers, what would be in addition to their existing seven million small-business customers, with additional $80 billion lending over the next ten years, which may be channeled through community-based banks and investment funds in the form of loans and supports.
The phrase “American Dream Initiative” sounds good and found very popular slogan but very difficult to understand, what it really means. After analyzing some media reports, it is found that this popular slogan suggests that American will be able to afford to buy a home, start a business, build wealth and get access to healthcare for their family under “American Dream Initiative”. These facilities are available to almost all-American people; however, the question is affordability. There are many low-income and even lower middle-income groups, who cannot afford these facilities with their disposable income. Moreover, banking requirement particularly due diligence, enhanced due diligence, documentation are so complicated and incidental cost is so high that it keeps low-income and lower middle-income people away from the bank. How, these segment of society will be brought to bank under JPMorgan Chase’s “American Dream Initiative”, is not clearly spelt out.
In this connection, while talking with the media, Tim Berry, who is the Head of Corporate Responsibility of JPMorgan, has said that the bank decides to bring their capabilities and make that more real to families and customers. However, Tim has also acknowledged that a lot of “American Dream Initiative” is not new at all, rather bank’s regular and continuous nature of product and services. In this connection, some experts and analysts have opined that JPMorgan has been looking to penetrate in businesses in the cities and towns, where the bank has its presence, does businesses and running its branches with focus on community education for years. The bank has also been making good amount of investment in cities and areas where there is chance of business-friendly leadership viz. Detroit and San Francisco. So, the “American Dream Initiative” may encourage its employees to do more with community development businesses, what may be the special feature of this big slogan.
Some have conversely raised questions and doubt about JPMorgan Chase bank’s “American Dream Initiative” as they have said that not only JPMorgan Chase, but many other banks have already offered same or similar products and services to their customers. So, question arises with what respect JPMorgan Chase bank’s announcement of “American Dream Initiative” will be different from other regular products and services. People have witnessed and experienced how President Trump’s election campaign slogan “Make America Great Again” has benefited the USA and Americans after tariff war, Mideast crisis and strained relation with longstanding fellow countries, particularly close-door neighbour, Canada and NATO member countries. Now to what extend American, especially low-income and lower middle-income people will get benefitted from JPMorgan Chase banks’ recently announced slogan of “American Dream Initiative”, remains to be seen in the years to come. However, both slogans “Make America Great Again” and “American Dream Initiative” sound good and seem popular, rather than producing desired benefit for the American, particularly for low-income and lower middle-income people.
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Writer: Nironjan Roy, CPA, CMA, CAMS
Certified Anti-money laundering Specialist
Email: nironjankumar_roy@yahoo.com
