Jamie Dimon: Give us (Wall Street) limits
The Wall Street Senate
By Dana Milbank, WashPost, Published: June 13
JPMorgan Chase boss Jamie Dimon has been a scourge of the Obama administration in recent months, but when he appeared on Capitol Hill on Wednesday, Republicans found the head of the country’s largest bank to be alarmingly off-message.
Dimon had little interest in joining Republicans in complaining that President Obama’s regulations destroyed capitalism as they knew it. In fact, he even had some kind words for the Dodd-Frank financial reforms. And the banker’s most passionate plea to the lawmakers was one that Republicans most emphatically don’t want to hear: Enact the Simpson-Bowles debt proposal, a package of spending cuts and — gulp — increased tax revenue that was largely scuttled by House Republicans.
“If we had done something remotely like Simpson-Bowles,” Dimon said in response to Sen. Michael Bennet (D-Colo.) at the end of the hearing, “you would have increased confidence in America. You would have shown a real fix of the long-term fiscal problem. I think you would have had . . . a more effective tax system that is conducive to economic growth.”
In fact, he said, not enacting such a plan “helped cause a downturn last year.”
(More here.)
By Dana Milbank, WashPost, Published: June 13
JPMorgan Chase boss Jamie Dimon has been a scourge of the Obama administration in recent months, but when he appeared on Capitol Hill on Wednesday, Republicans found the head of the country’s largest bank to be alarmingly off-message.
Dimon had little interest in joining Republicans in complaining that President Obama’s regulations destroyed capitalism as they knew it. In fact, he even had some kind words for the Dodd-Frank financial reforms. And the banker’s most passionate plea to the lawmakers was one that Republicans most emphatically don’t want to hear: Enact the Simpson-Bowles debt proposal, a package of spending cuts and — gulp — increased tax revenue that was largely scuttled by House Republicans.
“If we had done something remotely like Simpson-Bowles,” Dimon said in response to Sen. Michael Bennet (D-Colo.) at the end of the hearing, “you would have increased confidence in America. You would have shown a real fix of the long-term fiscal problem. I think you would have had . . . a more effective tax system that is conducive to economic growth.”
In fact, he said, not enacting such a plan “helped cause a downturn last year.”
(More here.)
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