Democratic Senate hopeful Elizabeth Warren is calling on JPMorgan Chase CEO Jamie Dimon to step down from his spot on the Board of Directors for the New York Federal Reserve Bank after JPMorgan announced $2 billion in losses from risky trading.
Warren, who initially called for Dimon’s resignation from the NY Fed on Saturday, renewed her call Sunday after Dimon’s appearance on “Meet the Press,” a news item on her website announced. Warren asks Dimon resign in order to “demonstrate to the American people that Wall Street will take responsibility for its risky gambles.”
Warren also took the opportunity to restate her goal of a well-regulated financial industry. “We need to stop the cycle of bankers taking on risky activities, getting bailed out by the taxpayers, then using their army of lobbyists to water down regulations,” Warren said. “We need a tough cop on the beat so that no one steals your purse on Main Street or your pension on Wall Street.”
Wall Street regulation is a key issue for Warren, who pushed for and led the early stages of the Consumer Financial Protection Bureau. Warren’s opponent, Republican Sen. Scott Brown, voted for the Dodd-Frank Wall Street reform bill. “I’m running for Senate to be a voice for families and to take on the big banks, to put forward new ideas, and to make a difference for people,” Warren said.
