‎Kentucky Auditor Allison Ball Claims JPMorgan CEO Jamie Dimon Threatened Her Over Coal Industry Blacklist

‎Kentucky Auditor Allison Ball revealed a tense phone call with JPMorgan Chase CEO Jamie Dimon during a closed-door session at Sea Island Resort in January. Ball, then Kentucky State Treasurer, said Dimon called her cell phone early in the morning, expressing anger over her decision to place JPMorgan on a blacklist of financial firms allegedly boycotting the coal industry.

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‎Kentucky Auditor Allison Ball says JPMorgan CEO Jamie Dimon called her over a coal industry blacklist, sparking debate over banking and state pension politics.

‎Jon Cherry/Getty Images; Noam Galai/Getty Images

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‎Ball described the conversation as intense, recalling Dimon saying, “You know, I could take all of my banks out of Kentucky and who are you to tell me what to do.” She was at home with her family at the time of the call. A JPMorgan spokesperson confirmed the call occurred but denied Dimon made any threats, stating that the conversation ended amicably.

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‎The phone call followed Ball’s publication of a “Restricted Financial Institution List” in January 2023, which targeted firms factoring climate change into investments. JPMorgan argued it should not be on the list, highlighting its extensive financing of energy projects, including coal operations in Kentucky. Ball and her chief of staff maintained her account accurately reflected Dimon’s position.

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‎At the time, Ball served on the board of trustees for the Kentucky Teachers’ Retirement System, which held $94 million in JPMorgan-managed alternative investment funds. Pension trustees determined that divestment from JPMorgan would be complex, costly, and contrary to their fiduciary duties, ultimately blocking Ball’s efforts. Ball’s remarks suggested conservatives consider appointing ideologically aligned trustees, including women of color, to pension boards.

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‎The alleged threat, if carried out, could have raised ethical and legal concerns under the SEC’s pay-to-play rule, which restricts financial executives from influencing candidates overseeing state pension investments. No evidence indicates Dimon or JPMorgan contributed to Ball’s auditor campaign in 2023. JPMorgan has made contributions to political action committees like the Bluegrass Committee, which also supported Ball.

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‎Ball shared her anecdote at the Consumers’ Research Summit, a gathering of conservative operatives connected to Leonard Leo. The event focused on opposing environmental, social, and governance (ESG) initiatives and diversity, equity, and inclusion (DEI) programs in corporate and state finance. Ball highlighted her efforts to protect Kentucky’s coal industry and promote conservative representation among state pension trustees.

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‎Dimon, leading JPMorgan since 2006, has managed the bank through major financial crises and remains a prominent figure in U.S. banking. Ball said she firmly addressed Dimon during their conversation, clarifying the distinction between coal and other fossil fuels and ultimately finding a way forward.

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‎Ball was elected Kentucky Auditor in November 2023. She continues to advocate for strategically appointing young, ideologically aligned individuals, including women of color, to pension boards to counter DEI initiatives, highlighting both political and conservative financial strategies.