Elizabeth Warren After Jamie Dimon "Meet the Press" Interview Calls on JP Morgan CEO to Resign from NY Fed Board

Warren Renews Call For Stronger Wall Street Regulations

http://www.elizabethwarren.com/accountability

"Wall Street banks already have plenty of voices in Congress, and they are working with an army of lobbyists to water-down the rules. 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."

BOSTON -- After JP Morgan CEO Jamie Dimon's Meet the Press interview today about the company's recent $2 billion loss, consumer advocate Elizabeth Warren renewed her call for stronger financial regulations on Wall Street, and greater accountability, asking  Dimon to resign from the Board of Directors of the New York Federal Reserve Bank and demonstrate to the American people that Wall Street will take responsibility for its risky gambles.

Dimon this morning told NBC's David Gregory,  "We know we were sloppy, we know we were stupid, we know there was bad judgment," that resulted in the $2 billion loss in two months.  After being asked whether JP Morgan's actions had "given regulators new ammunition against the banks," Dimon responded, "Absolutely."

Warren said JP Morgan's $2 billion loss as a result of risky bets since April this showed Wall Street is still taking risky gambles of the kind that crushed the economy in 2008.

"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."

Warren yesterday called on Dimon to resign his position as a member of the Board of Directors of the New York Federal Reserve Bank where he helps advise the Fed on management oversight and policy. By stepping down Dimon would "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."

"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," said Warren, Democratic candidate for U.S. Senate.

"Wall Street banks already have plenty of voices in Congress, and they are working with an army of lobbyists to water-down the rules. 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 is widely credited with the idea for the Consumer Financial Protection Bureau, and she served as Assistant to the President and Special Advisor to the Secretary of the Treasury in 2010 and 2011, with the authority to set up the consumer agency. Time Magazine named her one of the "New Sheriffs of Wall Street" for her clear and fearless oversight efforts during the financial crisis on behalf of the American people, and the Boston Globe named her Bostonian of the Year in 2009.