Elizabeth Warren: Jamie Dimon Should Resign From New York Fed Board

Warren Calls Out JPMorgan CEO After Massive Loss

Elizabeth Warren called on JPMorgan Chase CEO Jamie Dimon to resign from his post on the Federal Reserve Bank of New York's board, citing the need for "responsibility and accountability" in the financial industry.

Dimon, who disclosed a $2 billion loss by the banking giant last week, should "send a signal to the American people that Wall Street bankers get it and to show that they understand the need for responsibility and accountability," Warren said in a statement following Dimon's Sunday appearance on "Meet the Press."

During that interview, Dimon said he "absolutely" believed that the enormous loss would give regulators more ammunition against the banks. Warren latched onto that comment, stating that Dimon's place on the board of directors gave him the power to advise the New York Fed on "management oversight and policy," creating what the Massachusetts Democrat feels is a clear conflict of interest.

"We need to stop the cycle of bankers taking on risky activities, getting bailed out by the taxpayers, then using their army of lobbyists to water down regulations," Warren said. "We need a tough cop on the beat so that no one steals your purse on Main Street or your pension on Wall Street."

Warren, an outspoken advocate of banking reform who oversaw the Troubled Asset Relief Program and helped create the Consumer Financial Protection Bureau, is running in a closely-watched Senate race against incumbent Scott Brown, a Republican. She has stressed her role as a consumer advocate throughout the campaign.

Watch Warren discussing the JPMorgan Chase loss last week:

Below, a look back at Elizabeth Warren's political career so far:

Introduces Financial Product Safety Commission

Elizabeth Warren

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