Romney Vowing Dodd-Frank Repeal Hits JPMorgan Inconvenient Truth
By Julie Hirschfeld Davis and Lisa Lerer - May 14, 2012 12:00 AM ET
Mitt Romney says he wants to talk about the economy in this presidential campaign, including his call to repeal the Dodd-Frank financial regulation law. JPMorgan Chase & Co. (JPM)’s $2 billion trading loss in risky transactions isn’t the sort of conversation he had in mind.
So far, presumptive Republican nominee Romney has said little about the transaction that is roiling Wall Street and Washington, prompting an inquiry by the Federal Reserve, a call for a congressional investigation and a demand by Elizabeth Warren, a Democratic Senate candidate in Massachusetts, that JPMorgan Chief Executive Officer Jamie Dimon resign from the board of the New York Federal Reserve.
“Anytime you have a development that suggests businesses take unnecessary and unwise risks, you give ammunition to Democrats and cause problems for the Republican narrative,” said Stu Rothenberg, editor of the nonpartisan Rothenberg Political Report. “I think Romney will have to deal with it.”
Romney, co-founder of private-equity firm Bain Capital LLC, has spotlighted his vow to repeal the Dodd-Frank law that aims to strengthen financial regulations, calling it one of several overly burdensome laws backed by President Barack Obama that costs jobs. Romney hasn’t directly commented on the JP Morgan losses since Dimon disclosed them on May 10; he ignored a reporter’s shouted question about the matter at a May 11 rally in Charlotte, North Carolina.
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