JPMorgan’s Connections to the House Finance Committee. Jamie Dimon, CEO of JP Morgan Chase, testifies in front of the House Financial Services committee.
Fang Zhe/Xinhua/Zuma This story first appeared on the ProPublica website. JPMorgan Chase CEO Jamie Dimon is on Capitol Hill again today, this time to talk to the House Financial Services committee about the bank's recent multibillion-dollar trading loss. According to his prepared testimony, Dimon plans to deliver basically the same remarks he gave the Senate banking committee last week, apologizing but giving few details.
His Senate hearing was hardly a grilling; senators mostly praised him for his "emphasis on continuous quality improvement," in the words of Senator Jim DeMint, R-S.C. As we charted last week, JPMorgan happens to have plenty of connections to the Senate committee. The House Connections JPMorgan has two in-house lobbyists with connections to the House Financial Services committee. Rick Lazio joined JP Morgan in 2004 as chief of government relations. Banking, Finance & Politics. How JPMorgan exploits Washington’s revolving door. The Project on Government Oversight points out that JPMorgan frequently dispatches former government officials to lobby current regulators who are writing the rules for Dodd-Frank: In a November discussion with Treasury officials, its team included a former assistant secretary of the Treasury, according to government records.
In at least four meetings or conference calls with Federal Reserve staff since December, its representatives included a former official of the Federal Reserve Bank of New York. And in at least 36 contacts with federal regulators since August 2010, JPMorgan was represented by a former staff director of a Senate Banking subcommittee who is registered to lobby on the bank’s behalf. The discussions encompassed everything from Dodd Frank's new stress tests for big banks and regulations on derivatives to topics that the Treasury Department simply classified as "Other. " JPMorgan Deploys Former Regulators to Talk to Current Regulators. Caricature of JPMorgan CEO Jamie Dimon.
By MICHAEL SMALLBERG Amid a sweeping overhaul of Wall Street regulation, JPMorgan Chase, the banking powerhouse, has often deployed former government officials to represent it in Washington. In a November discussion with Treasury officials, its team included a former assistant secretary of the Treasury, according to government records. In at least four meetings or conference calls with Federal Reserve staff since December, its representatives included a former official of the Federal Reserve Bank of New York.
And in at least 36 contacts with federal regulators since August 2010, JPMorgan was represented by a former staff director of a Senate Banking subcommittee who is registered to lobby on the bank’s behalf. JPMorgan Chief Executive Jamie Dimon’s recent appearances on Capitol Hill to explain a multi-billion dollar trading blunder at the bank have cast a spotlight on the firm’s political connections. Michael Smallberg is a POGO investigator. Childress-lobbying-disclosure-20090120. Charting the Cozy Connections between JP Morgan and the Senate Banking Committee. Jamie Dimon, CEO of JP Morgan Chase, testified today about the bank’s recent losses.
He should be familiar with the committee. Lots of his employees worked for it. Jamie Dimon, chairman of the board, president and CEO of JPMorgan Chase & Co. testifies before a US Senate Banking Committee full committee hearing on June 13, 2012 on Capitol Hill in Washington, DC. (Photo credit: KAREN BLEIER/AFP/GettyImages) This morning, Jamie Dimon, the CEO of JP Morgan Chase, faced a Senate hearing [1] over more than $2 billion in bank losses [2] caused by risky hedges that blew up. Many lawmakers are holding up the losses as evidence of the need for stronger financial regulation [4]. But through campaign contributions and well-connected staff, JP Morgan appears to have already taken its own accounting of the Banking committee. Revolving Door One current staffer on the Senate banking committee, Dwight Fettig, is a former lobbyist for JP Morgan [5]
. · Naomi Camper – Currently a lobbyist for JP Morgan.