Appearing on the “Boomtown 2: The Business of Food Stamps” special on Fox News’ “Hannity” on Friday, Government Accountability Institute (GAI) president Peter Schweizer and Breitbart News Executive Chairman Stephen K. Bannon exposed how companies that administer EBT cards like J.P. Morgan and Xerox are incentivized to get as many people on the program as possible.
Schweizer noted J.P. Morgan has contracted with 26 states and has taken advantage of the “loosened requirements concerning food stamps” after the stimulus program.
“As food stamp rolls expand, so do corporate profits,” Schweizer said, noting that is why corporations like J.P. Morgan lobby the Senate Banking and Agriculture Committees, which have oversight over the food stamp program.
On the show, a J.P. Morgan official was quoted as saying the company saw a “huge increase in volume over the past year or two” when it came to EBT transactions.
Schweizer said the food stamps industry is “encouraging more people to sign up and use your money” and noted J.P. Morgan makes as much as $2.20 per person, per month for each EBT participant in some states.