Bankers critical of Dodd-Frank meet with Geithner
The same day Jamie Dimon, chief executive and president of JPMorgan Chase & Company, publicly bashed the new Dodd-Frank financial law he and the company's top lobbyist, Peter Scher, had a meeting with Treasury Secretary Timothy Geithner.
In his public statements reported on April 5, Dimon had harsh words for nearly every aspect of the new law, from derivatives oversight to regulation of interchange fees to the establishment of a new federal office, the Financial Stability Oversight Council (FSOC) to oversee the stability of the financial system.
Dimon was also part of a larger meeting the following day with the Treasury secretary, which included 19 high-powered financial executives, such as Brian Moynihan, CEO of Bank of America; Vikram Pundit, CEO of Citgroup; and Lloyd Blankfein, CEO of Goldman Sachs.
JPMorgan Chase & Company has reported spending $1.75 million lobbying so far this year and is also a major campaign contributor.
Toward the end of the month, Geithner met with another big group of executives to discuss the issue of systemic risk. Among the attendees was billionaire Henry Kravis, who became infamous during the 1980s for his use of junk bonds to buy underperforming companies. Also at the meeting were representatives from Bank of America, Goldman Sachs, and JPMorgan Chase & Company, among others.
The meeting records were made available Tuesday by the Treasury Department. Since November, the agency has been posting meetings between Treasury officials and outsiders to discuss Dodd-Frank. The agency posts these records monthly, with a one-month time delay, so this week's offerings show meetings from April.
For a full spreadsheet of Treasury Dodd-Frank meetings, see below.