Jamie Dimon is the the current chairman, president, and chief executive officer of JPMorgan Chase bank and also a board member of the New York Federal Reserve.
This constitutes an obvious conflict of interest.
Mr. Dimon can not simultaneously fulfill the competing responsibilities of advising on supervising and regulating banking institutions and also function as the CEO of the largest bank in America.
As Federal Reserve board member Mr. Dimon must advise on how to regulate banks so as to provide for a stable financial system. As CEO of JPMorgan Chase, Mr. Dimon must continually find ways to maximize his bank's profit.
JPMorgan Chase is a BANK not a hedge fund. JPMorgan Chase's deposits are backed by the Federal Deposit Insurance Corporation. JPMorgan Chase is also a "Too Big to Fail" or TBTF bank meaning that if it gets into trouble it will be bailed out by the U.S. government with taxpayer money.
Because Chase is TBTF and backed by the FDIC Mr. Dimon is incentivized to allow his organization to take excessive risks and literally gamble with Federally Backed Deposits. In fact Mr. Dimon has been one of the strongest critics of the proposed Wall Street reform and has worked to weaken and complicate this necessary regulation.
Sign this petition and demand that Jamie Dimon step down from his position of New York Federal Reserve board member. We can't have a Fed advisor whose primary duty is to maximise private profits while the tax paying public takes the risk.
Join Elizabeth Warren, Eliot Spitzer, and Senator Bernie Sanders and Paul Krugman in demanding that Jamie Dimon step down from the New York Federal Reserve board.