Brian4Liberty
12-15-2014, 05:42 PM
JPMorgan CEO helped whip votes (http://thehill.com/policy/finance/226907-jpmorgan-ceo-helped-whip-dem-votes)
By Kevin Cirilli - 12/11/14
JPMorgan Chase CEO Jamie Dimon made calls to lawmakers on Thursday urging them to support the “cromnibus” spending bill, House Financial Services Committee ranking member Maxine Waters (D-Calif.) told reporters.
Dimon's involvement came amid progressive outrage that the House cromnibus included a provision that they said would weaken Wall Street regulations.
"I think we got hurt when Jamie Dimon and the president started to whip," Waters told reporters after the vote. "That's when I think we lost some votes."
...
Waters and progressives opposed the budget due to changes to the 2010 Dodd-Frank Wall Street Reform Law that were supported by Dimon and other big banks.
When asked if she thought that Obama had sold out to Wall Street, Waters replied: "That's not for me to determine. I know that the president was whipping. I know that Jamie Dimon was whipping and calling directly into members' offices. And that's odd. That's an odd combination."
Waters said that she "disappointed" in House Democrats for being influenced by Dimon.
...
More: http://thehill.com/policy/finance/226907-jpmorgan-ceo-helped-whip-dem-votes
Fed Vice Chairman Shocked At Wall Street Influence After Jamie Dimon "Whips" Cromnibus Votes (http://www.zerohedge.com/news/2014-12-14/fed-vice-chairman-shocked-wall-street-influence-after-jamie-dimon-whips-cromnibus-vo)
Submitted by Tyler Durden on 12/14/2014
"Boy, was I wrong," exclaimed Federal Reserve Vice-Chairman Stanley Fischer, "I thought that when Dodd-Frank started, that the banks would not succeed in influencing it, having lost all the prestige they lost." Just like the Fed's economic and rate forecasts, Fischer's political perspective could not have been more incorrect. Rather stunningly confirming Fischer's admission, The Hill reports JPMorgan Chase CEO Jamie Dimon made calls to lawmakers on Thursday urging them to support the "cromnibus" spending bill, according to no lesser brain-trust than Rep. Maxine Waters. Perhaps Fischer inadvertently summed up the state of reality as WSJ reports, when he opined, "we are two bad decisions away from not being an independent central bank." We might suggest the "two" decisions went by a long time ago.
...
http://www.zerohedge.com/news/2014-12-14/fed-vice-chairman-shocked-wall-street-influence-after-jamie-dimon-whips-cromnibus-vo
Jamie Dimon himself called to urge support for the derivatives rule in the spending bill
By Steven Mufson and Tom Hamburger - December 11
...But perhaps even more outrageous to Democrats was that the language in the bill appeared to come directly from the pens of lobbyists at the nation’s biggest banks, aides said. The provision was so important to the profits at those companies that J.P.Morgan's chief executive Jamie Dimon himself telephoned individual lawmakers to urge them to vote for it, according to a person familiar with the effort.
...
It isn't only liberal congressional Democrats up in arms about the proposed change. "It really is outrageous," said a former senior Obama Treasury official, who asked for anonymity to preserve business relationships. "This was the epicenter of the crisis. This is what brought AIG down, what brought Lehman Brothers down."
The nation's biggest banks -- led by Citigroup, J.P. Morgan and Bank of America -- have been lobbying for the change in Dodd Frank, which had given them a period of years to comply. Trade associations representing banks, the Financial Services Roundtable and the American Bankers Association, emphasized that regional banks are supportive of the change as well.
...
"It is because there is a lot of money at stake," Johnson said. "They want to be able to take big risks where they get the upside and the taxpayer gets the potential downside," he said.
Johnson said the amendment of Dodd Frank only affects a small portion of derivatives. “I don’t want to make a mountain out of a molehill on this,” he said. But he added that “on a forward looking basis this could become very big.”
The effort to enact this language has been years in the making. Language that was written and edited in part by the major banks was originally inserted in a House bill that called for relaxation of the push out rules in 2013. Citi declined to comment on the role its lobbyists played in developing the legislation, which was originally disclosed in an e-mail exchange reported on by the New York Times. However, a blog post written in 2013 by the bank’s head of global public affairs, referred to the effort to modify this portion of Dodd-Frank as “a great example of how the industry and Congress can work together to find common ground.”
...
More: http://www.washingtonpost.com/blogs/wonkblog/wp/2014/12/11/the-item-that-is-blowing-up-the-budget-deal/
By Kevin Cirilli - 12/11/14
JPMorgan Chase CEO Jamie Dimon made calls to lawmakers on Thursday urging them to support the “cromnibus” spending bill, House Financial Services Committee ranking member Maxine Waters (D-Calif.) told reporters.
Dimon's involvement came amid progressive outrage that the House cromnibus included a provision that they said would weaken Wall Street regulations.
"I think we got hurt when Jamie Dimon and the president started to whip," Waters told reporters after the vote. "That's when I think we lost some votes."
...
Waters and progressives opposed the budget due to changes to the 2010 Dodd-Frank Wall Street Reform Law that were supported by Dimon and other big banks.
When asked if she thought that Obama had sold out to Wall Street, Waters replied: "That's not for me to determine. I know that the president was whipping. I know that Jamie Dimon was whipping and calling directly into members' offices. And that's odd. That's an odd combination."
Waters said that she "disappointed" in House Democrats for being influenced by Dimon.
...
More: http://thehill.com/policy/finance/226907-jpmorgan-ceo-helped-whip-dem-votes
Fed Vice Chairman Shocked At Wall Street Influence After Jamie Dimon "Whips" Cromnibus Votes (http://www.zerohedge.com/news/2014-12-14/fed-vice-chairman-shocked-wall-street-influence-after-jamie-dimon-whips-cromnibus-vo)
Submitted by Tyler Durden on 12/14/2014
"Boy, was I wrong," exclaimed Federal Reserve Vice-Chairman Stanley Fischer, "I thought that when Dodd-Frank started, that the banks would not succeed in influencing it, having lost all the prestige they lost." Just like the Fed's economic and rate forecasts, Fischer's political perspective could not have been more incorrect. Rather stunningly confirming Fischer's admission, The Hill reports JPMorgan Chase CEO Jamie Dimon made calls to lawmakers on Thursday urging them to support the "cromnibus" spending bill, according to no lesser brain-trust than Rep. Maxine Waters. Perhaps Fischer inadvertently summed up the state of reality as WSJ reports, when he opined, "we are two bad decisions away from not being an independent central bank." We might suggest the "two" decisions went by a long time ago.
...
http://www.zerohedge.com/news/2014-12-14/fed-vice-chairman-shocked-wall-street-influence-after-jamie-dimon-whips-cromnibus-vo
Jamie Dimon himself called to urge support for the derivatives rule in the spending bill
By Steven Mufson and Tom Hamburger - December 11
...But perhaps even more outrageous to Democrats was that the language in the bill appeared to come directly from the pens of lobbyists at the nation’s biggest banks, aides said. The provision was so important to the profits at those companies that J.P.Morgan's chief executive Jamie Dimon himself telephoned individual lawmakers to urge them to vote for it, according to a person familiar with the effort.
...
It isn't only liberal congressional Democrats up in arms about the proposed change. "It really is outrageous," said a former senior Obama Treasury official, who asked for anonymity to preserve business relationships. "This was the epicenter of the crisis. This is what brought AIG down, what brought Lehman Brothers down."
The nation's biggest banks -- led by Citigroup, J.P. Morgan and Bank of America -- have been lobbying for the change in Dodd Frank, which had given them a period of years to comply. Trade associations representing banks, the Financial Services Roundtable and the American Bankers Association, emphasized that regional banks are supportive of the change as well.
...
"It is because there is a lot of money at stake," Johnson said. "They want to be able to take big risks where they get the upside and the taxpayer gets the potential downside," he said.
Johnson said the amendment of Dodd Frank only affects a small portion of derivatives. “I don’t want to make a mountain out of a molehill on this,” he said. But he added that “on a forward looking basis this could become very big.”
The effort to enact this language has been years in the making. Language that was written and edited in part by the major banks was originally inserted in a House bill that called for relaxation of the push out rules in 2013. Citi declined to comment on the role its lobbyists played in developing the legislation, which was originally disclosed in an e-mail exchange reported on by the New York Times. However, a blog post written in 2013 by the bank’s head of global public affairs, referred to the effort to modify this portion of Dodd-Frank as “a great example of how the industry and Congress can work together to find common ground.”
...
More: http://www.washingtonpost.com/blogs/wonkblog/wp/2014/12/11/the-item-that-is-blowing-up-the-budget-deal/