Friday, December 12, 2014

JPMorgan CEO Helped Whip Votes for Budget Bill That Includes Deregulation for Wall Street

(photo: file)

JPMorgan CEO Helped Whip Votes for Budget Bill That Includes Deregulation for Wall Street

By Kevin Cirilli, The Hill
12 December 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 amidst progressives enraged 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."

The Washington Post first reported news of Dimon's involvement in the negotiations.

The House voted to approve a $1.1 trillion bill funding most of the government through September on a 219-206 vote. Fifty-seven Democrats voted for the bill, while 139 Democrats -- including Waters -- opposed it.

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.

"What does it say? It just seems very odd," Waters said. "It is just very strange that the two of them would be working for the support of this bill."

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.

The California Democrat -- who rarely criticizes Obama -- praised Sen. Elizabeth Warren (D-Mass.) for helping to rally support against the cromnibus.

"Elizabeth was very strong, very strong. Not only did she do a press conference and speak on the floor, she was interacting with a lot of the outside groups. She was very strong on this," Waters said. "I just want our Democrats to feel strong enough to fight and not to cave in, not to be influenced or intimidated."

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