By Jennifer Jacobs
(Bloomberg) -- The White House needs a “Marshall Plan” for developing more domestic natural gas JPMorgan Chase Chief Executive Officer Jamie Dimon told President Joe Biden during a private meeting this week, according to two people familiar with the conversation.

Treasury Secretary Janet Yellen, National Security Advisor Jake Sullivan and other top administration officials met Monday with Dimon and other banking and energy company leaders to brief them on the impact of Russia’s invasion of Ukraine and resulting U.S. sanctions.

When Biden briefly stopped by the meeting, Dimon urged the administration to increase domestic natural gas production and reduce the time needed to obtain permits for renewable energy projects such as wind farms, one of the people said.

The Marshall Plan was a U.S. initiative, enacted in 1948, that provided billions of dollars to help rebuild Western Europe after World War II.

The approach Dimon urged could mean the U.S. would be under less pressure to partner with rogue regimes like Venezuela or Iran to reopen oil trade.

Executives from Exxon Mobil Corp., ConocoPhillips, Bank of America Corp. and refiner Marathon Petroleum Corp., -- as well as agricultural and manufacturing firms -- were among the other briefing attendees. The discussion was first reported by Axios.

Dimon didn’t call for more domestic oil production, two people familiar with the matter said. He cited a need for more liquefied natural gas facilities in Europe, and more investment in technologies such as hydrogen and carbon capture, one of the people said. A major challenge in permitting all energy projects on federal lands -- including renewable wind farms and solar arrays -- is clearing requirements in federal law for environmental analysis. The Biden administration has moved to reverse a Trump-era initiative to shrink and streamline those reviews under the National Environmental Policy Act.

Asked for comment, a White House spokesperson said the administration has a “concrete” set of ideas for investment in the U.S. energy sector and the administration welcomes engagement from those interested in driving such investments.

The White House has publicly called on energy suppliers to step up production after a jump in prices, while criticizing executives who have said they are prioritizing investor returns over additional output. Last week, Biden also criticized gas companies for maintaining high prices at the pump even as oil prices have receded.