Excerpted from Slate.com article by Eliot Spitzer, May 14 2012:
"... Dimon should resign from the New York Fed board immediately, acknowledging that his role is incompatible with what he has been trying to do in terms of lobbying...

 
The Fed conflict is so obvious that it defies any possible rationalization or explanation. For a decade, the New York Fed has failed to pick up on any of the significant Wall Street threats: excess leverage, subprime fraud, dangerous concentration in “too big to fail” entities. Maybe the reason is that the board is controlled by the very voices that have been at the root of the failure. There has been not the slightest voice of protest from the board—yet it is a public organization!"

I think that about says it. Thank you Mr. Spitzer.