JPMorgan plans to invest up to $10 billion in select companies to boost growth, innovation, and strategic manufacturing as part of a $1.5 trillion, 10-year initiative focused on critical U.S. industries. CEO Jamie Dimon emphasizes the need for the U.S. to reduce reliance on other countries for key resources.

The Security and Resiliency Initiative will target sectors like Supply Chain, Defense, Energy Independence, and Strategic Technologies, with a focus on enhancing national security and resiliency. JPMorgan will hire more experts and create an advisory council to guide the long-term strategy of the initiative.

Major tech companies and the U.S. government have been investing in critical industries to reduce dependency on foreign producers. Stocks of U.S. companies receiving such investments have surged. JPMorgan’s initiative aims to address challenges of reliance on other countries for minerals, products, and manufacturing.

JPMorgan’s stock price was up 2% amid a broader rise in U.S. stocks, with a 28% gain since the start of the year. The bank, set to release its third-quarter earnings report, emphasizes the importance of strengthening America’s economy for national security. CEO Jamie Dimon urges immediate action to address economic vulnerabilities.

Overall, JPMorgan’s $1.5 trillion initiative will make direct equity and venture capital investments to support growth, innovation, and strategic manufacturing in key U.S. sectors. The bank’s focus on enhancing national security and resiliency aligns with efforts by other companies and the government to reduce reliance on foreign producers.

Read more at Yahoo Finance: JPMorgan Launches $1.5 Trillion Plan to Support Industries Deemed Critical to U.S. Interests