Jamie Dimon, Business Council To Meet With Obama About Economy, Financial Reform
Jamie Dimon, the CEO of JP Morgan Chase, is scheduled to dine at the White House Monday evening with President Obama, according to Bloomberg.
Bloombeg reports that Dimon will attend as an executive committee member of the Business Council, a group of business leaders who seek to "foster understanding through discussion."
Other executive committee members, like Angela Braly, the embattled CEO of health insurer WellPoint, will also attend.
Obama will be "soliciting the views" of the Business Council's executive committee about the economy and financial regulation.
Dimon weighed in on financial reform during a meeting of Chicago business leaders last month. Dimon told the audience that he supports only "80 percent" of the legislation. The Chicago Tribune reports:
"It's obvious we need to reform our financial system. JPMorgan has supported most of the things that came out," Jamie Dimon said as he accepted an award Thursday from the Executives' Club of Chicago. "We agree with 80 percent. We might be right on the other 20 percent."
Dimon said he supports consumer protection, but not a separate agency to write the rules, as leading Democrats have proposed. And while he's comfortable moving some over-the-counter derivatives into clearinghouses, he wants exemptions that critics have described as gaping loopholes.
Financial reform could hurt JP Morgan Chase's bottom line. Reform could require JP Morgan to raise an extra $250 in capital and cost the bank anywhere from "several hundred million to a couple billion dollars per year" in derivatives trading.
Dimon is no stranger to the White House. During Obama's first six months in office, the president met with Dimon six separate times (three more times than Goldman Sachs CEO Lloyd Blankfein and 5 more times than former Bank of America CEO Ken Lewis).