[Congressional Record Volume 171, Number 174 (Tuesday, October 21, 2025)]
[Senate]
[Pages S7171-S7172]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           NATIONAL SECURITY

  Mr. GRASSLEY. Mr. President, I have a short article that I want to 
put in the Record, and I want to describe it before I ask permission.
  In a column published in the Wall Street Journal on Monday, October 
13, Jamie Dimon, CEO of JPMorganChase, called out the need for 
investment in national security. He mentions many areas that have been 
talked about a lot in Washington, like securing supply chains for 
critical materials like rare earth elements, ramping up defense 
modernization and innovation, energy independence and resilience, and 
accelerating advancements in strategic technologies.
  The problem is that in Washington here and particularly in the 
Congress, it has been mostly just talk.
  As a private sector leader, Jamie Dimon is putting his money where 
his mouth is. Congress ought to take note and follow his lead.
  Mr. President, I ask unanimous consent that the Wall Street Journal 
article by Jamie Dimon, ``Investments for National Security,'' be 
printed in the Record.
  There being no objection, the material was ordered to be printed in 
the Record, as follows:

             [From the Wall Street Journal, Oct. 13, 2025]

                   Investments for National Security

                            (By Jamie Dimon)

       The brutal invasion of Ukraine, the indescribable terrorist 
     attack on Israel and other major conflicts should dispel any 
     illusion that the world is safe. The U.S. has allowed itself 
     to become too reliant on unreliable sources of critical 
     minerals, products and manufacturing--all of which are 
     essential for our national security.
       America remains the bastion of freedom and, equally 
     important, the arsenal of democracy. Our own security is 
     predicated on a strong and resilient domestic economy, which 
     guarantees our ability to build, innovate and to maintain the 
     most capable military in the world. Global peace and world 
     order depend on it.
       Our adversaries and potential adversaries aren't waiting--
     we no longer have the luxury of time. America needs more 
     speed and investment. It also needs to remove obstacles that 
     stand in the way: excessive regulation, bureaucratic delay, 
     partisan gridlock and an education system misaligned with the 
     skills we need.
       That is why JPMorganChase is launching the Security and 
     Resiliency Initiative, a 10-year, $1.5 trillion effort to 
     facilitate, finance and invest in industries crucial to 
     national security and economic resilience, from critical 
     medications and minerals to military equipment and 
     semiconductors. This will also help create economic growth, 
     innovation and jobs in America. It will include direct equity 
     investments of up to $10 billion of our own capital in select 
     companies. This effort will cut across investment banking, 
     middle-market banking and commercial banking. It will include 
     special research on private industries and important issues 
     like supply-chain weaknesses on rare-earth metals. It will 
     also include trying to design policies that can accelerate 
     these efforts, including training, research and development, 
     permitting, and regulations conducive to growth.
       Our efforts will focus on four priority areas:
       Supply chains and advanced manufacturing to strengthen the 
     production of critical materials, pharmaceutical precursors, 
     robotics and components such as semiconductors and rare-earth 
     elements.
       Defense and aerospace to support innovation and scale 
     production for modern deterrence, including drones, 
     autonomous system and next-gen connectivity.
       Energy independence and resilience to modernize the U.S. 
     grid and invest in reliable clean power like battery storage 
     to meet surging demand.
       Frontier and strategic technologies to accelerate 
     breakthroughs in artificial intelligence, cybersecurity, and 
     quantum computing.
       Consider two examples: U.S. drug manufacturers depend 
     heavily on foreign sources for active ingredients for 
     medication. Seventy-seven percent of those facilities are 
     overseas. There is an opportunity for America to rebuild and 
     invest in its ability to manufacture lifesaving pharma 
     ingredients and avoid supply-chain challenges and the risk of 
     shortages of essential drugs.
       Similarly, the U.S. electric grid is rapidly aging and ill-
     equipped to handle the massive increase in demand from AI and 
     advanced manufacturing. Strategic investment can

[[Page S7172]]

     modernize transmission lines, harden energy systems, and 
     reduce blackout risks.
       As a top investment bank for the defense, healthcare and 
     energy sectors, and a manager of trillions of dollars in 
     clients' assets including in infrastructure and AI, we know 
     how to put capital and expertise to work to solve big 
     challenges like this.
       Policy will be essential, too. America needs a permitting 
     process measured in months, not years. Vocational and 
     apprenticeship programs must be expanded to close the 
     manufacturing skills gap. And we must create consistent long-
     term incentives for private investment in these critical 
     industries so that more capital is available. Fortunately, 
     bipartisan legislation has begun to modernize procurement and 
     streamline industrial policy, and new federal initiatives are 
     encouraging domestic production of chips and critical 
     medications.
       We hope that America will come together to address these 
     challenges, as we have in the past. We need to act now.

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