US Senate candidate calls for Dimon to resign from Fed Shares in JP Morgan Chase fell by more than 9pc on Friday, wiping $14.4bn from the bank's value, as it was revealed that its chief investment office had suffered huge losses from risky derivative trades and hedges. Now Elizabeth Warren, a Massachusetts candidate for the US Senate, has claimed that the banker should step down from the board of directors of the New York Federal Reserve Bank as a "first step to signal to the American people that Wall Street understands the need for greater responsibility and accountability." Wall Street banks continue to have fundamental problems, and tough oversight and accountability are urgently needed. Jamie Dimon deserves credit for taking public responsibility for $2 billion in losses based on a trading strategy he called 'poorly reviewed,' 'poorly monitored,' and even 'sloppy.' But Dimon is not only the CEO of JP Morgan, he is also a member of the Board of Directors of the New York Federal Reserve Bank, where he advises the Federal Reserve on the oversight of the financial industry," said Mrs Warren. After the biggest financial crisis in generations, the American people are frustrated that Wall Street has still not been held accountable and does not appear to consider itself responsible. Dimon should resign from his post at the New York Fed to send a signal to the American people that Wall Street bankers get it and to show that they understand the need for responsibility and accountability.