Treasury logs reveal March meeting between Geithner, JPMorgan CEO Dimon

Timothy Geithner

According to logs released by the U.S. Treasury on Wednesday, JPMorgan Chase & Co. CEO Jamie Dimon and Treasury Secretary Timothy Geithner met in March to discuss the Volcker Rule.

Dimon has come under fire recently following his bank’s $2 billion trading loss reported earlier this month, a loss that some Dodd-Frank proponents say could have been prevented by the Volcker Rule, according to Fox Business.

The controversial Volcker Rule, a core provision of Dodd-Frank, prohibits banks from engaging in proprietary trading—or risky investments with client funds.

The logs also reveal that several other JPMorgan executives met to discuss the Volcker Rule with Treasury Deputy Assistant Secretary for Financial Institutions Lance Auer on the same day as part of a comprehensive conference with bank executives.

Dimon said earlier this week that the bank agrees with the aim of the rule but believes in the importance of being able to hedge risk. Dimon has not only offered open criticism of the rule but has even criticized the rule’s namesake, former Federal Reserve chairman Paul Volcker.

U.S. regulators are currently examining JPMorgan’s trading loss. Bryan Hubbard, a spokesman for the Office of the Comptroller of the Currency, said that it was still too “premature to conclude” whether the kind of trades that JPMorgan engaged in may have been banned under the rule, Bloomberg reports.

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