Yeah right, Jamie…
By David Dayen
JPMORGAN CHASE WILL not benefit from a recent bipartisan bank deregulation bill that passed in the Senate, the bank’s CEO Jamie Dimon claimed to The Intercept last week after an event in Washington.
“The banking bill is only really affecting smaller banks, so it doesn’t really have anything to do with us,” Dimon said after an event organized by Axios at Howard University titled, “Smarter Faster Revolution.”
“I think if they get a little bit of relief, it’s probably good for them and their ability to finance America,” Dimon added.
Dimon’s assertion calls into question why JPMorgan has spent resources to lobby for the bill and could shape the way that federal rule-makers interpret the statute and translate it into regulations.
JPMorgan Chase has been active on the bill, S.2155, which the Senate cleared on March 14 on the strength of 50 Republicans, 16 Democrats, and one Democratic-leaning independent. A look at lobbying disclosure formsshows that JPMorgan spent $810,000 on lobbying for financial issues in the fourth quarter of 2017, including on S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. The bank was one of 119 separate organizations that have lobbied on the bill.