Tuesday, May 22, 2012

Senators push banker removal from Fed boards, including JP Morgan Chase Dimon

WASHINGTON (MarketWatch) — The political fallout in Washington of J.P. Morgan Chase & Co’s trading loss continued to spread Tuesday as two liberal senators moved not only to have CEO Jamie Dimon but all bankers removed from the boards of the dozen Federal Reserve regional banks.

“The American people are pretty clear that they want reform of financial institutions and they want reform of the Fed,” said Sen. Bernie Sanders, an independent from Vermont, who introduced the legislation.

The bankers on the Fed boards come from the same institutions that the Fed is in charge of regulating, he said.

“If that is not a clear example of the fox guarding the hen house, I don’t know what is,” Sanders said at a press conference

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