By The Hill Staff - 08/07/13 09:00 AM EDT
Jamie Dimon Chairman, president and CEO of JPMorgan Chase
Jamie Dimon’s role as one of Wall Street’s most visible Dodd-Frank doubters has taken a hit in the last year.
Dimon, the head of the nation’s largest bank, became one of his industry’s most vocal critics of the law, challenging regulators about key provisions he said would shackle the industry and economy.
He took a hit last year after JPMorgan suffered embarrassing trading losses from a single trader known as the “London Whale” because of the size of his trades, and had to fend off a May shareholder effort to oust him as chairman of the board.
But Dimon’s appearances before congressional committees last year showed he still holds sway. Lawmakers expected to grill him over his company’s actions ended up praising him instead.
Many believe the trading losses damaged an industry push for weaker rules, particularly around the contentious “Volcker Rule.” That hotly contested rule would limit profit-seeking trades that banks pursue for their own profit (and not at the behest of clients), and would also isolate banks from riskier trading activities.
Dimon and others have pushed regulators to tread lightly on implementing the rule and give banks room to breathe, lest it stifle lending and the economy.