FREEDOM PROJECT: Warren: JPMorgan CEO Should Resign from NY Fed [1]

Elizabeth Warren, Massachusetts Senate candidate (D) and former chair of Congressional Oversight Panel overseeing TARP bailout

JPMorgan Chase's admission last week that it lost more than $2 billion in one set of trades should be used as a wake up call to end the practice of banks regulating themselves, Massachusetts Senate candidate Elizabeth Warren said on Monday.

Warren repeated her call for the bank's chief executive, Jamie Dimon, to step down [6] from his role as a top official at the New York Federal Reserve Bank, which oversees the nation's largest banks.

"We have to say as a country, no, the banks can not regulate themselves," Warren said in an interview with "CBS This Morning," adding "what has happened here is not just about JPMorgan Chase."

"They are financial institutions that run the risk of taking down everyone's job, run the risk of taking down everyone's pension, run the risk of taking down the entire economy and that means it is appropriate to have some government oversight," she said.

In an interview that aired Sunday on NBC, Dimon said he was "dead wrong" to dismiss concerns raised a month earlier about the bank's trading practices as a "tempest in a teapot."

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