J.P. Morgan Chase CEO Jamie Dimon and other executives from the bank contributed to the campaign of centrist Democratic Sen. Kyrsten Sinema, who has opposed key pieces of her party’s and President Joe Biden’s agenda, during the first quarter.
Dimon, according to Sinema’s latest Federal Election Commission filing, donated $2,900 to the lawmaker’s political operation in February. That amount is the most an individual can give directly to a candidate’s campaign. Records indicate that Dimon gave to lawmakers on both sides of the aisle in the last quarter, which spanned from January to March 31.
The senator, who has received support from executives and corporate political action committees since pushing back on her own party, is up for re-election in 2024. Arizona is considered a swing state despite having two Democrats representing it in the U.S. Senate. [Sen. Mark Kelly is vying for re-election this year.] The state also went for Biden in the 2020 election, the first time since 1996 that a Democrat won Arizona.
Sinema has opposed certain pieces of Biden’s agenda, including the idea of raising the corporate tax rate to 28% from 21%. She supports the proposed 15% minimum corporate tax on declared income of large corporations, meanwhile. Many financiers within Sinema’s own party have already been plotting a primary against her.
The donations from Dimon and the other J.P. Morgan executives came after Sinema reiterated in January that she would not support proposed changes to the Senate’s filibuster rule. Mary Erdoes, the CEO of J.P. Morgan Chase’s Asset & Wealth Management line of business, gave $2,900 to Sinema’s campaign in February. Robert Baynard, a vice chairman at the bank, gave $2,000 to her campaign in late January.
Sinema’s leadership PAC, which is called Getting Stuff Done, saw $5,000 from the bank’s PAC late last year.
Sinema raised over $1.6 million last quarter, and her campaign has just under $7 million on hand.
A representative for Sinema did not return a request for comment. A spokeswoman for J.P. Morgan told CNBC on Friday that Dimon also donated to the campaigns of Sen. Tim Scott, R-S.C., and Reps. Patty Murray, D-Wash., Hakeem Jeffries, D-N.Y., and Patrick McHenry, R-N.C. The spokeswoman declined to comment further.
Dimon has been vocal about various policy issues for years, including taxes. At a House Financial Services hearing last year, Dimon took aim at Biden’s proposed tax hikes.
“The tax increase is actually four times what the tax decrease was from 2017,” Dimon said at the time. “You all know the phrase the devil is in the details, well the details here are all that matter, not the top line of 28%.”
Dimon has also said he’s not against having higher taxes on the wealthy but believes any new legislation could target income.
Since he’s become president, Biden has met with Dimon several times. Axios reported that the Wall Street executive pushed Biden for his administration to create a “Marshall Plan” to develop more domestic gas and other energy resources.