The Bank Policy Institute, a US advocacy group that counts JPMorgan Chase and Bank of America among its members, plans to persuade the US Congress to reduce restrictions on hiring.

According to a Bloomberg news report, labor shortages in the United States increase the urgency of filling vacancies, and some of the largest U.S. banks say individuals with criminal records should be part of the solution.

The Bank Policy Institute, an advocacy group that counts JPMorgan Chase and Bank of America among its members, plans to persuade the U.S. Congress to reduce hiring restrictions.

"There is a really huge demand for talent across all sectors, across the labor market, and this is a talented pool of individuals who can and should be able to contribute," said Michelle Kuranty, JPMorgan's executive director of talent acquisition, in an interview.

JPMorgan has contracted 2.100 people with criminal records in the US last year, 10% of all new hires. The CEO, Jamie Dimon, co-chairs the Second Chance Business Coalition, a group of large companies committed to expanding opportunities for these people. Bank of America, Mastercard, and Visa are also among the members.

The financial sector is facing the same labor shortage as other segments in the US. The rate of resignations - the number of people voluntarily leaving their jobs as a percentage of total employment - rose to a record 2.9% in August, a month in which there were 10.4 million job openings, close to July's record.

Hiring more workers with criminal records can address these critical issues and at the same time help banks meet their environmental, social, and governance (ESG) goals.