Both Democrats and Republicans dislike being reminded of the shortcomings of the effort for financial reform. One senator, in a pro-Dimon moment, commented: “You said you don’t know what the Volcker Rule is. Well, neither do we.” Those are sobering words from the committee that had a large hand in crafting the Dodd-Frank financial reform bill.
Indeed, about halfway through the hearing it became clear that few men – or women – in the room would stand up for the US’s regulatory reform efforts. Dimon’s testimony only gave lawmakers a chance to hold a wake for the Dodd-Frank financial reform bill, which has a good chance of sliding into oblivion in a deeply divided election year such as this one.
In case you didn’t have anything to be angry about this morning, Heidi Moore has a nice recap of Dimonpalooza—one of the worst live shows ever.