Why is it that Elizabeth Warren is the only politician with the balls to say this? Good for her!
Elizabeth Warren, a Massachusetts candidate for U.S. Senate, called for JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon to resign his position as a director at the Federal Reserve Bank of New York.
Dimon, who disclosed a $2 billion trading loss by his bank last week, shouldn’t stay on the board of the New York Fed because “he advises the Federal Reserve on the oversight of the financial industry,” she said in an e-mail release.
Warren, a Democrat, has served in the Office of the President and as chairwoman of the Congressional Oversight Panel for the Troubled Asset Relief Program. She helped establish the Consumer Financial Protection Bureau.
“After the biggest financial crisis in generations, the American people are frustrated that Wall Street has still not been held accountable and does not appear to consider itself responsible,” she said. “Dimon should resign from his post at the New York Fed to send a signal to the American people that Wall Street bankers get it and to show that they understand the need for responsibility and accountability.”