Republicans on Capitol Hill had nothing but praise Wednesday for JPMorgan CEO Jamie Dimon—and even went so far as to ask him to be involved in future banking regulation.
Dimon was testifying at a Senate Banking Committee hearing today, over JPMorgan’s more than $2 billion in losses after it made a series of risky trades.
Sen. Bob Corker (R-TN) told Dimon he is “obviously renowned, rightly so I think, as being one of the best CEOs in the country for financials institutions.”
Corker added that the $2 billion loss was no big deal. “You missed this, it’s a blip on the radar screen,” he said.
“We can hardly sit in judgment of you for losing $2 billion,” Sen. Jim DeMint (R-SC) offered. “We lose twice that everyday here in Washington.”
But the Republicans went beyond simple praise. In fact, they virtually begged Dimon to get involved in drafting future banking regulation—as if Wall Street doesn’t have enough clout in Washington already.
“We’re here quizzing you,” Corker said. “If you were sitting on this side of the dais, what would you do to make our system safer than it is, and still meet the needs of a global economy like we have?”
DeMint followed up and asked Dimon to come back next year to talk with them about the industry and “help us keep banking as a private enterprise.” Sen. Bernie Sanders (I-VT), who appeared on The Ed Show with guest host Michael Eric Dyson, called it “quite incredible” that the Republicans were so deferential to Dimon. “To exalt, and to praise, and to honor the head of the largest financial institution when he comes to Capitol Hill is beyond my comprehension,” Sanders said.
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