Dimon: Lobbying Is Democracy

'It's in the First Amendement'


Jamie Dimon, CEO of JPMorgan at the DealBook Conference in New York today spoke about the financial industry’s lobbying practices:

ANDREW ROSS SORKIN: You have an army of lobbyists like every other institution in the country and they are arguing on behalf of your firm.

JAMIE DIMON: Just so you all know, “the banks have all these lobbyists,” there are 7,000 lobbying organizations in Washington. So I believe the financial companies are 35 of them. Every union, every teacher, every state, you know, every age group, that is democracy, folks. So to act like that’s — that is what a democracy is. You have the right — it’s in the first amendment of the Bill of Rights – freedom of speech, ability to petition your government. I always find it a little offensive when the banks say the banks shouldn’t be allowed to petition the government. If you ask me what it means for our mortgage business, I can tell you. We’ll be fine. I’m not worried about that. We want the United States government, president, Congress, to have rational policy. They know what all the pieces are. Let them figure out which politically feasible pieces are, JPMorgan will be fine.