Sens. Unveil Bill To Bar Bankers From Fed Service

Law360, New York (May 22, 2012, 7:43 PM EDT) -- Responding to JPMorgan Chase & Co.'s recent $2 billion trading loss and CEO Jamie Dimon's presence on the New York Fed's board of directors, three U.S. senators introduced a bill Tuesday to bar banking executives from serving on the boards of directors of Federal Reserve regional banks.

Sens. Bernie Sanders, I-Vt.; Barbara Boxer, D-Calif.; and Mark Begich, D-Alaska, co-sponsored a bill aimed at restricting conflicts of interest between regulators and regulated institutions, seeking to stop bank leaders from serving as directors of the 12 Federal Reserve...
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