Jamie Dimon is known to be one of the staunchest critics of Elizabeth Warren’s consumer watchdog baby, the Consumer Financial Protection Bureau (CFPB).
Dimon and others from his bank “have been strongly making their case in Washington against starting a new agency, even one housed at the Fed,” for a while now.
Bankers see the agency as an unnecessary restriction on the market that will simply drive up costs and constrain growth.
Tomorrow Warren will speak at a summit at the enemy’s home-base, the U.S Chamber of Commerce, where Dimon is the keynote speaker. She is expected to argue for the CFPB to pack more of a punch.
“The brainy Harvard professor, battling back after a few tough weeks, which included reprimands from lawmakers and bankers over her role in trying to hammer out a deal on toxic mortgages, is scheduled to speak in front of the anti-regulation Chamber for the first time,” the New York Post reports.
House Financial Services Chairman Spencer Bachus will also make a speech. The Republican congressman just introduced a bill that “could potentially dilute the power of the consumer agency and convert its leadership from a single person, something Warren favours, to a five-member panel.”
Dimon and Warren have been publicly sparring since her appointment, though Dimon played down the feud last October after she singled him out in the Wall Street Journal as a representative of Wall Street greed.