JPMorgan Chase CEO Jamie Dimon suggested that the federal government and corporations should consider the use of eminent domain to advance “climate change” initiatives, according to his annual shareholder letter.
The shareholder letter, released earlier this month, included the suggestion among several clean energy initiatives. Eminent domain involves the use of government power to seize private property for public use.
“We may even need to evoke [sic] eminent domain – we simply are not getting the adequate investments fast enough for grid, solar, wind and pipeline initiatives,” Dimon wrote.
“Massive global investment in clean energy in technologies must be done and must continue to grow year-over-year,” he added. “To expedite progress, governments, businesses and non-governmental organizations need to align across a series of practical policy changes that comprehensively address fundamental issues that are holding us back.”
The CEO concluded the “climate change” statement by urging those involved to work together.
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“Polarization, paralysis and basic lack of analysis cannot keep us from addressing one of the most complex challenges of our time. Diverse stakeholders need to come together, seeking the best answers through engagement around our common interest,” Dimon wrote.
Dimon’s recommendation came shortly after an Iowa bill was passed to limit the ability of some companies to exercise eminent domain in its state.
Rep. Steven Holt, the state’s Republican House floor manager, argued that the bill is designed to protect the rights of property owners.
“Regardless of the economic gain or the benefit to certain industries or groups of people, this fundamental liberty must not be for sale,” Holt said in his closing comments. “If these pipeline projects are essential to ethanol and agriculture, let them be built through voluntary easements and not by allowing the blunt force of government to be used to shatter this fundamental birthright we all share as Americans.”
The bill, House File 565, would require carbon pipeline companies to reach voluntary deals to buy at least 90 percent of the land involved before considering eminent domain.
In South Dakota, a committee rejected a bill in February to stop carbon pipelines from using eminent domain.
“Our people are not against economic development. They just want the choice to be part of a private project or have the ability to say ‘no thank you,’” Rep. Karla Lems (R-Canton), said in a statement regarding the proposed “climate change” legislation.