CNBC’s Emily Wilkins joins 'Money Movers' to discuss the House China Committee issuing subpoenas for JPMorgan CEO Jamie Dimon and Bank of America CEO Brian Moynihan.

Washington

The U.S. House Select Committee on the Chinese Communist Party has subpoenaed Jamie Dimon of JP Morgan and Brian Moynihan of Bank of America over their banks' roles in the IPO of Chinese company Cattle. The committee is investigating whether U.S. banks are supporting companies identified by the U.S. Defense Department as working with the Chinese military.

Cattle has denied involvement in military business, but the committee chairman argues that business and military interests are closely linked in China. The committee is requesting documentation on the banks' due diligence and has also raised concerns about U.S. companies' reliance on Chinese battery suppliers. Lawmakers are seeking responses from the bank CEOs and have indicated that this issue may extend to other companies and industries.

U.S. House Committee subpoenas big bank CEOs over IPO concerns

Jamie Dimon and Brian Moynihan receiving subpoenas from the select committee on the Chinese Communist Party for their roles in the Chinese giant Cattles IPO. Our Emily Wilkins spoke exclusively to the chairman of that committee, joins us now with the story. So what, what's going on here, Emily? Hey Sarah, well kind of, as you said, there were these subpoenas that went out and the committee chairman John Molnar, he said that these are a part of a larger effort to try to prevent U.S. banks from working with companies that have been identified as working with the Chinese military. Now earlier this year, the defense department, they added cattle to their list of Chinese military companies, companies that are working with the military. Now cattle has said that they do not engage in military business, but Molnar pointed out that for a lot of companies in China, it's one in the same. When someone says, oh, we're working with the Chinese, uh, business community, you have to realize behind that is the Chinese military and the Chinese Communist Party. And so my belief is that we should not have American banks funding our adversaries military arms buildup. A Bank of America spokesman said that they have had constructive engagement with the committee. Jamie Diamond also defended JP Morgan earlier this year, saying that the company did due diligence on the deal. He also pointed out that cattle has not been officially sanctioned, which would be a step further than being on that list. Molnar said the banks are opening themselves up to regulatory, financial and reputational risks and that cattle is not the only company the committee is worried about. What's important about this IPO with cattle in Hong Kong is that this is sort of the tip of the iceberg. Others want to follow this model. Molnar said the committee has also raised concerns with auto companies who use some of cattle's batteries, saying the U.S.'s industrial base can't be dependent on China. Lawmakers are seeking a response from Diamond and Moynihan by August 8th. Again, they have subpoenaed the documents that show that the companies did due diligence in their interactions with cattle. Gaius? I just wonder if this is a step toward more harsher action against Chinese IPOs, companies in general. Thank you, Emily. Emily Wilkins.

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