New York Fed Chair Expresses Support For Jamie Dimon

The Chairman of the Federal Reserve Bank of New York, Lee Bollinger, told the Wall Street Journal on Monday that he doesn't think JP Morgan CEO Jamie Dimon should step down from the board in the wake of trading losses incurred by the bank. Bollinger, who is the president of Columbia University, said, however, that he thinks Dimon will step down from the board when his second-term expires at the end of the year. Previously, Dimon has described his role at the Fed as merely advisory, when critics said that his position was a conflict of interest since the Fed has regulatory oversight over JP Morgan. "Jamie, myself, the other members of the board, do not get involved in oversight of the supervisory function of the New York Fed," Bollinger told the Journal. Among the politicians who have called for Dimon's ouster from the position have been Bernie Sanders and Elizabeth Warren.