In her new book, U.S. Sen. Elizabeth Warren reveals an argument between her and JPMorgan's CEO over financial regulation, Dodd-Frank and the CFPB.
In her new political memoir, A Fighting Chance, U.S. Senator Elizabeth Warren recounts a visit to her office by JPMorgan Chase CEO Jamie Dimon that deteriorated almost immediately after it started. Warren writes that the two argued about financial regulation, Dodd-Frank and the new Consumer Finance Protection Bureau she had helped create.
She writes:
Dimon was proved correct. In 2014, JPMorgan was hit with $20 billion in fines. However, he still received a significant raise in 2013.
JPMorgan joins Citigroup and other big banks who are withholding $15,000 in donations to the Democratic Senatorial Campaign Committee until lawmakers softened their tone on Wall Street, according to Reuters.
She writes:
Rich Cordray was still serving as director of the consumer agency under a recess appointment; he hadn’t yet been confirmed by the Senate, which meant that the agency was vulnerable to legal challenges over its work. Dimon told me what he thought it would take to get Congress to confirm a director, terms that included gutting the agency’s power to regulate banks like his. By this point I was furious. Dodd-Frank had created default provisions that would automatically go into effect if there was no confirmed director, and his bank was almost certainly not in compliance with the those rules. I told him that if that happened, “I think you guys are breaking the law.”
Suddenly Dimon got quiet. He leaned back and slowly smiled. “So hit me with a fine. We can afford it.”
Suddenly Dimon got quiet. He leaned back and slowly smiled. “So hit me with a fine. We can afford it.”
Dimon was proved correct. In 2014, JPMorgan was hit with $20 billion in fines. However, he still received a significant raise in 2013.
JPMorgan joins Citigroup and other big banks who are withholding $15,000 in donations to the Democratic Senatorial Campaign Committee until lawmakers softened their tone on Wall Street, according to Reuters.
