NEW YORK (Reuters) – JPMorgan Chase unveiled a plan on Monday to recruit bankers and invest up to $10 billion (8.65 billion euros) in U.S. companies considered strategic to national security and economic resilience, as part of a broader $1.5 trillion commitment.

This initiative is part of a 10-year program to facilitate, finance and invest in industries central to the growth of the U.S. economy, including defense, energy and industrial production.

The largest US bank in terms of assets said it would raise the $10 billion through investments in direct equity and venture capital.

On Wall Street, JPMorgan Chase & Co shares rose 2.55% to $308.56 at 2:45 p.m. GMT.

The announcement comes as Donald Trump’s administration seeks to modernize the country’s infrastructure and reduce its dependence on foreign supply chains, particularly in sectors such as medicines, semiconductors, renewable energy and rare earths.

It also follows Donald Trump’s criticism of JPMorgan and its competitors for closing clients’ accounts because of their political or religious beliefs.

“It has become painfully clear that the United States has allowed itself to become overly reliant on unreliable sources for critical minerals, commodities and equipment, all of which are essential to our national security,” said Jamie Dimon, chairman and CEO of JPMorgan.

The bank said its new “security and resilience initiative” would facilitate financing and investment in several strategic areas: supply chain and industrial production, defense and aerospace, energy independence and cutting-edge technologies such as artificial intelligence and quantum computing.

(Reporting by Nupur Anand in New York; Noémie Naudin, editing by Kate Entringer)

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