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thank you for the two and a half decades I've been on this committee we've brought the SEC forward to push them because they weren't writing regulations that law required them to write I want to commend the SEC for beginning to deal with that backlog I don't criticize them for working too hard the inflation reduction act reduced the federal deficit by 300 billion dollars and partially ameliorating the inflationary effect of the Trump tax cut which added two trillion dollars to our deficit by cutting taxes for the wealthy and large corporations and of course the uh inflation reduction act provides tax cuts designed to reduce global warming got a lot of questions got a lot of witnesses they're designed to be yes or no um ESG investing is for those who want to contribute to society and to the Improvement of the environment which is kind of the exact opposite of giving money to Vladimir Putin uh Mr Diamond back in March uh Politico reported that you were going to mull over the possibility of removing Russia from your ESG fund Suite has J.P Morgan removed Russia from its ESG fund Suite probably can you get back to us with a definitive answer on that Mr Dunn happy to do it um the uh some we clearly have sanctions on Russia and Belarus there's a loophole in that sanctions that we don't have in our Iran or North Korea sanctions and that is that the U.S the subsidiaries of U.S corporations are not legally bound uh My Hope Is that the institutions here wouldn't be exploiting that loophole This House of Representatives in May passed my bill to Russia and Belarus Financial sanctions act which would block that loophole unfortunately the Senate remained somewhat dysfunctional so the question is are you going to exploit that loophole but I'll be more specific Mr Diamond has J.P Morgan cut its ties with gas prom and vital so I first of all I wouldn't call his loopholes the American government the Secretary of Treasury please don't respond I didn't ask you to respond to my editorialization just a specific question have you cut the ties to gaspom and vittal we are following the instructions of the American government as they asked us to do it so you are not I think so the answer is Mr Diamond it's a yes or no question you have not cut your ties to the gas grasscom and vital do you continue to own a major stake in the Russian Bank uh Spirit uh spear Bank no we do not own a state because Spirit Bank uh I think that's in a mutual fund somewhere and we've materially cut out some of the I I hope all your ties to gas prom and vital and let me uh go on to Citigroup have you cut your ties with Luke oil and vital I just had one other thing I don't think not on my time you can no one is doing reclaiming my time this time belongs to the gentleman from California you can do a press conference afterwards and comment as you like not on my time have you cut your ties to Luke oil and uh vittal I'm saving us to miss diamond we have been working down of our exposures in Russia so you have not cut your ties yet let's move on a number of the banks here have said that you're going to scut uh uh cut uh investment in new Coal Fired electric plants um I'll go down the question though is are you going to finance crypto mining which creates electricity that is then wasted in something that doesn't keep anybody's lights on doesn't cook anybody's food uh we'll go I'll go to um let's go to those Miss Fraser you're going to be financing crypto mining do not believe so uh Mr Moynihan we did not have any um Mr Sharp I'm not aware of any financing like that okay finally a capital markets question we have limits on margin lending designed to protect the lender and in this case the lender is you and you're systemically important to us it's designed to protect the investor but most importantly it's designed to protect the capital markets that's why an equity uh Investments we only allow one to one margin but the total default swap is a loophole that allowed Arcos to get nine to one margin um can you commit now to follow the rule that we provide only one to one margin or do you want to use Luke uh uh loopholes to provide the nine to one margin I might add that with our Coast the lenders lost well over five billion dollars uh Mr Siri we have no relationship with that firm and uh do not do you use credit default uh um these swaps to avoid the margin limit requirements not that I'm aware of sir I believe my time has expired thanks
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