The White House has never done much to hide its bulging affection for Jamie Dimon. First off, there was once a nonzero chance that America’s most lovable bank CEO would become Treasury Secretary, before he settled for top billing on Donald Trump’s corporate boss Justice League. And back in February Trump stopped just short of planting a sloppy smooch on Dimon, ad-libbing to a crowd of reporters: “There’s no body better to tell me about Dodd-Frank than Jamie.”
So it’s not a surprise that the long shadow of the JPMorgan chief has loomed large over the administration’s efforts to whip the Dodd-Frank into shape and Make America[n financial regulatory standards] Great Again. The influence remains completely unsubtle. After Treasury Secretary Steve Mnuchin unveiled the administration’s regulatory reform wish list, sharp observers immediately noticed a touch of Dimon in the document:
The Trump administration’s proposal to rethink many of the rules governing the U.S. financial sector sounded a lot like bankers’ wish lists. In particular, J.P. Morgan Chase & Co. Chief James Dimon’s vocal suggestions over the past several months had much overlap with the 147-page report released by the Treasury Department on Monday evening.