JPMorgan plans to invest up to $10 billion in American companies that are vital to national security.

JPMorgan Chase will directly invest up to $10 billion in U.S. companies with crucial ties to national security.

The investment strategy unveiled on Monday will concentrate efforts on four key sectors: supply chain and advanced manufacturing, encompassing critical minerals, pharmaceutical precursors, and robotics; defense and aerospace; energy independence, featuring investments in battery storage and grid resilience; and strategic technologies, including artificial intelligence, cybersecurity, and quantum computing.

This investment forms a segment of the bank’s Security and Resiliency Initiative, which is a $1.5 trillion plan set over a decade to aid, fund, and bolster industries vital to national security.

Chairman and CEO Jamie Dimon remarked, “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 crucial for our national security.” He further stated, “Our security is predicated on the strength and resiliency of America’s economy. America needs more speed and investment.”

This past summer, JPMorgan played a crucial role in constructing a deal where the Defense Department consented to invest $400 million in U.S. rare earth company MP Materials. Additionally, the bank is financing MP Materials’ second magnet production facility in the United States.

The nation’s leading bank aims to finance around $1 trillion over the next ten years aiding clients within these specific industries. JPMorgan Chase is planning to amplify this figure by up to $500 billion, or a 50% boost, utilizing additional resources and capital.

Dimon stated, “America needs more speed and investment. It also needs to eliminate hurdles that impede progress: excessive regulations, bureaucratic delay, partisan gridlock, and an education system not aligned to the skills we need.”

JPMorgan says that it serves 34,000 mid-sized companies and more than 90% of the Fortune 500.

It plans to hire more bankers, investment professionals and other experts to help address its investment plan. It will also create an external advisory council that includes leaders from the public and private sectors to help guide the long-term strategy.