JPMorgan Chase CEO Jamie Dimon praised Texas this week for creating a business-friendly environment but warned the state risks tarnishing that reputation with laws aimed at punishing major financial firms over how they choose to operate. "Texas is a wonderful, welcoming place," Dimon told Bloomberg in an interview Wednesday.
We don't discriminate or boycott anybody, neither for political affiliation nor for anything else," Dimon said in the interview. "We do make risk, legal, credit and reputational decisions, which is our legal right — and my obligation as chairman and CEO of JPMorgan Chase.
But the investigations into major firms is disrupting the municipal bond market in Texas, which localities use to build infrastructure, according to Bloomberg. "Some things they have to be very careful about is that their own cities, schools, hospitals all get funding from someone like us, and you want that to continue," said Dimon, who heads the largest bank in the U.S. "So, if you can't do that, it may hurt the ability to raise money in the proper kind of way.
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