Jamie Dimon: Calls for Freedom & JPMorgan Concerns

Jamie DimonCEO of JPMorgan Chaserecently said out loud what many in his industry have believed privately for years but, concerned about retribution from regulators, have been unwilling to say in public. “I can’t speak up, and I can’t fight for what I believe” in local and state politics, Mr. Dimon said. “Doesn’t that violate my First Amendment rights?”

Mr. Dimon is referring to the Securities and Exchange Commission’s so-called pay-to-play rule. This regulation, promulgated in 2010, effectively prohibits many working in the financial sector from making contributions exceeding $350—and in many cases as little as $150—to any candidate for state or local office who “is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity.”