Petition Closed
Petitioning Federal Reserve Bank Board of Governors and 2 others

Jamie Dimon must resign or be removed from the New York Federal Reserve Board of Directors

Jamie Dimon is CEO of JP Morgan Chase, one of the largest and most powerful banks in the world. Because the bank is "too big to fail", it enjoys the protection of US taxpayers. As such, Mr. Dimon has a responsibility to safeguard the bank's financial strength – not just for the sake of his shareholders, but for the public good.

Mr. Dimon failed in that duty. He personally approved a very risky trading strategy that not only lost billions of dollars for the firm but also had the potential to destabilize the world’s financial markets.

Jamie Dimon risked depositors' money and all of our futures. Despite this, Jamie Dimon still sits on the board of directors of the Federal Reserve Bank of New York – an institution charged with supervising JP Morgan Chase and other Wall Street banks.

The fox is guarding the henhouse. It is entirely unacceptable to have Mr. Dimon involved in the governance of the New York Fed, an organization that oversees his activities, decisions, and potential losses.

Mr. Dimon also leads lobbying campaigns to maintain the right to carry out the kind of risky trading that recently lost billions and continue to put the world’s economy at risk.

Jamie Dimon should immediately resign his post at the New York Federal Reserve Bank. If he will not, then the Federal Reserve System should take whatever action is needed to remove him immediately from that position.  

Both Treasury Secretary Tim Geithner and former Head of the Congressional Oversight Panel for the Troubled Asset Relief Program (and Senate candidate) Elizabeth Warren have called for Jamie Dimon to resign his New York Fed board position. To date, Mr. Dimon has given no indication that he will relinquish this post.  

If thousands of Americans stand up to Mr. Dimon and demand his resignation, the Federal Reserve System will be forced listen. Ignoring this request would undermine the legitimacy and effectiveness of the entire Federal Reserve.

Letter to
Federal Reserve Bank Board of Governors
Chairman and CEO, JP Morgan Chase Jamie Dimon
New York Federal Reserve Bank
I just signed the following petition addressed to: Federal Reserve Bank Board of Governors.

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Get Jamie Dimon off the New York Fed

Jamie Dimon is CEO of JP Morgan Chase, one of the largest and most powerful banks in the world. Because the bank is "too big to fail", it receives implicit backing from US taxpayers. Mr. Dimon has a special responsibility to safeguard the bank's health -- not just for the sake of his shareholders, but for the public good.

Mr. Dimon failed in that duty when he personally approved a very risky approach to trading, with the potential to destabilize world financial markets. It was never a matter of whether this highly leveraged gambit would fail -- it was a matter of when it would fail and what would be the scale of the final damage.

Jamie Dimon was taking risks with depositors' money, which is backed by the Federal Deposit Insurance Corporation. He was also playing dice with all of our futures. And it should come as no surprise that as Congress and regulators work on rules regulating the financial industry, JP Morgan Chase leads the lobbying campaigns to maintain the right to carry out the kind of maneuver that recently caused the bank to lose billions.

Despite all this, Jamie Dimon sits on the board of directors of a key institution charged with keeping JP Morgan Chase closely supervised – the Federal Reserve Bank of New York.

The bankers who run big Wall Street firms feel they can act with impunity because there's no real accountability; the foxes are guarding the proverbial henhouse. It is not acceptable to have Mr. Dimon involved in overseeing the management of the New York Fed, an organization that oversees his activities, decisions, and potential losses. There need to be real consequences for bankers who act recklessly with other people's money.

That accountability starts here. Jamie Dimon must immediately resign his post at the New York Federal Reserve Bank. If he will not, then the Federal Reserve System should take whatever action is needed to remove him immediately from that position.

Tim Geithner (Treasury Secretary) and Elizabeth Warren (candidate for the Senate in Massachusetts) are both calling for Jamie Dimon to resign his New York Fed board position. Even so, Jamie Dimon is one of the best connected bankers in the country and won't give up this valuable post without a fight.

If thousands of Americans stand up to Dimon and demand his removal, the Federal Reserve System will be forced listen. To ignore this reasonable request, increasingly being heard across the political spectrum, would risk the legitimacy and effectiveness of the entire Federal Reserve.
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Sincerely,