The House Financial Services Committee heard testimony today from JPMorgan Chase CEO Jamie Dimon over the bank’s recent $2 billion loss and more broadly on financial regulations.
While he doesn’t serve on the committee, House Majority Leader Eric Cantor (R-Va.), is generally outspoken about Congressional issues. On this, though, he’s stayed quiet. A look at his recent fundraising report might provide a clue as to why.
Cantor’s leadership PAC, Every Republican Is Crucial (ERIC PAC), received $45,250 from 33 JPMorgan employees in the month of May, according to the fundraising report filed with the Federal Election Commission (FEC) today.
A few of the JPMorgan employees who gave Cantor’s PAC in May include:
- Douglas Petno, the CEO of Commercial Banking, who gave $5,000.
- Frank Bisignano, the Chief Administrative Officer, who gave $2,500.
- Michael Cavanagh, CEO of Treasury & Securities Services, who gave $2,500.
- Carlos Hernandez, Head of Global Equities, who gave $2,500.
- Brendon Reilly, Managing Director of Government Relations (a registered lobbyist), gave $500.
Cantor has long been a friend of the financial industry. As Roll Call reported last October, “Yet Cantor's popularity among Wall Street executives has cemented his status as the top rainmaker on Capitol Hill, helping him raise an extraordinary $6.5 million for his GOP colleagues so far this year. That sum includes direct contributions and money raised on behalf of GOP candidates, a Cantor aide said.”
On July 8th, he’ll join Mitt Romney in the Hamptons for a fundraiser that features several financial industry titans. We wouldn't be surprised if the implementation of Dodd-Frank, regulations, and other policy matters related to today's hearing will be discussed.