Bernie’s Right: No Banker is Too Big to Jail

Why are major bank executives like Chase CEO Jamie Dimon regulating themselves at the Federal Reserve?

Bernie's RightSenator Bernie Sanders is introducing legislation that would make it illegal for bankers to regulate themselves – and it’s so important the The Other 98% and Public Citizen are teaming up to support it.

Just last year, JPMorgan CEO Jamie Dimon announced his company’s most recent gamble had lost big: $9 billion of depositors’ money big. Right after leading a crusade against Wall Street reform in Congress that would have guarded against big banks riskiest bets. Dimon’s excuse? “We were stupid.”

Jamie Dimon - Caricature
Jamie Dimon – Caricature (Photo: DonkeyHotey)

But it gets worse. Much worse: when that was happening, Dimon was a member of the New York Federal Reserve Board, in charge of policing Wall Street.

Bankers who lose $9 billion in federally insured money shouldn’t be in charge of regulating themselves – and yet the law currently allows for them to do exactly that within the Federal Reserve. We need a Federal Reserve more interested in putting Americans back to work than in letting bankers elude responsibility for their actions.

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