JPMorgan Chase CEO Jamie Dimon has assembled an advisory council of tech billionaires, former defense officials, and business leaders to guide the bank’s decade-long $1.5 trillion national security spending initiative. The panel includes Amazon founder Jeff Bezos, Dell Technologies CEO Michael Dell, and Ford CEO Jim Farley, alongside former Secretary of State Condoleezza Rice and former Defense Secretary Robert Gates.Dimon announced he has recruited Todd Combs, a longtime portfolio manager at Warren Buffett’s Berkshire Hathaway, to lead a new $10 billion investment fund backing companies working on sensitive technologies including advanced chips, AI, and critical minerals. Combs, who served as CEO of Geico and was one of Buffett’s personally selected stock pickers, will join in early 2026.
Jamie Dimon’s advisory team includes business and defense leaders
The external advisory council will meet periodically to guide investments aimed at reducing American reliance on foreign suppliers, particularly China. The panel also includes retired generals Chris Cavoli and Ann Dunwoody, former NSA director Paul Nakasone, former House Speaker Paul Ryan, and General Dynamics CEO Phebe Novakovic.Dimon told Fox News that national security concerns have intensified, stating any illusions about global peace “have been shattered.” He has spent months warning about American dependence on Chinese suppliers for minerals, batteries, and pharmaceuticals, arguing the country could face shortages during crises.
JPMorgan’s national security push already underway
The Security and Resilience Initiative, announced in October, will deploy $1.5 trillion through loans, underwriting, and investments over the next decade. The bank has already made its first move, purchasing a stake in Perpetua Resources, an Idaho mining company developing an antimony production site. Most antimony, used in ammunition, currently comes from China and Russia.The initiative marks Dimon’s latest ambitious pledge, though previous commitments have had mixed results. A $2.5 trillion climate finance program launched four years ago has gone quiet, while a healthcare joint venture with Bezos and Buffett was wound down in 2021.“It has become painfully clear that the United States 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,” said Jamie Dimon, Chairman and CEO of JPMorganChase. “Our security is predicated on the strength and resiliency of America’s economy. America needs more speed and investment. It also needs to remove obstacles that stand in the way: excessive regulations, bureaucratic delay, partisan gridlock and an education system not aligned to the skills we need.”
