A Democrat congresswoman grills JPMorgan CEO on how an employee should budget her low salary – and he has no idea

A Democrat congresswoman has received praise for the way she held billionaire CEO of the JPMorgan bank group accountable over low wages of staff.

Katie Porter spoke to Jamie Dimon during a House Financial Services Committee hearing with several other CEOs of banks.

The California congresswoman shared a touching story of a JPMorgan Chase employee, in which she systematically broke down the young woman’s low salary – and the mountain of expenses she had.

Porter said:

She had $2,425 (£1,855) a month. She rents a one-bedroom apartment. She and her daughter sleep together in the same room in Irvine, California. That average one-bedroom apartment is going to be $1,600 (£1,224).

She spends $100 (£76) on utilities.

Take away the $1,700 and she has net $725 (£554). 

She drives a 2008 minivan and has gas. $400 (£306) for car expenses and gas. Net $325 (£248).

The Department of Agriculture says a low-cost food budget is $400. That leaves her $77 (£58) in the red.

She has s cricket cell phone, the cheapest she can get for $40. She’s in the red $117 a month.

She has after-school childcare because the bank is open during normal business hours – that’s $450 (£344.) a month.

That takes her down to negative $567 (£433) per month.

"How should she manage this budget shortfall while she's working full-time at your bank?" Porter asked Dimon.

What followed was a back-and-forth between the congresswoman and the CEO, which got increasingly embarrassing for the latter.

"I don't know that all your numbers are accurate, that number is generally a starter job," he said.

"She is a starting employee, she has a six-year-old child, this is her first job," Porter replied.

"You can get those jobs out of high school, and she may have my job one day," Dimon continued.

"I'm wholly sympathetic," Dimon replied.

"She's short $567, what would you suggest she do?" Porter pressed.

"I don't know, I'd have to think about that," he said.

"Would you recommend that she take out a JPMorgan Case credit card and run a deficit?" Porter asked.

Dimon repeated, "I don't know, I'd have to think about it."

"Would you recommend that she overdraft at your bank and be charged overdraft fees?" Porter asked.

"I don't know I'd have to think about it," Dimon said a third time, adding, "I'd love to call up and have a conversation about her financial affairs and see if we could be helpful."

"[To] see if you could find a way for her to live on less than the minimum that I've described?" Porter asked.

"Just [to] be helpful," Dimon replied.

"Well, I appreciate your desire to be helpful, but what I'd like you to do is provide a way for families to make ends meet," Porter said.

Dimon's response infuriated many online.

Others praised Porter's relentless line of questioning.

Porter tweeted about the exchange afterwards.

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