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Elizabeth Warren Calls for Dimon to Resign From New York Fed

Democratic Nominee Elizabeth Warren
At a breakfast for Elizabeth Warren supporters two weeks ago, Chet Jakubiak, chairman of the Democratic town committee in Grafton, Massachusetts, took the microphone and raised an issue the candidate and her campaign rarely do. Photographer: Joshua Roberts/Bloomberg

May 13 (Bloomberg) -- Elizabeth Warren, a Massachusetts candidate for U.S. Senate, called for JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon to resign his position as a director at the Federal Reserve Bank of New York.

Dimon, who disclosed a $2 billion trading loss by his bank last week, shouldn’t stay on the board of the New York Fed because “he advises the Federal Reserve on the oversight of the financial industry,” she said in an e-mail release.

Warren, a Democrat, has served in the Office of the President and as chairwoman of the Congressional Oversight Panel for the Troubled Asset Relief Program. She helped establish the Consumer Financial Protection Bureau.

“After the biggest financial crisis in generations, the American people are frustrated that Wall Street has still not been held accountable and does not appear to consider itself responsible,” she said. “Dimon should resign from his post at the New York Fed to send a signal to the American people that Wall Street bankers get it and to show that they understand the need for responsibility and accountability.”

Joe Evangelisti, a spokesman for JPMorgan, didn’t immediately respond to a message outside business hours.

To contact the reporter on this story: C. Thompson in Wilmington at cthompson1@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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