Dimon, the CEO of Morgan Chase, should not be on the full board. Full stop.

Here’s why:

• The board of the New York Fed picked the current president of the New York Fed. The president of the New York Fed is perhaps the most important regulator of banks like Morgan Chase.

That is a conflict, pure and simple.

• Dimon sits on committees that oversee the performance of senior members of the New York Fed. That is a conflict, pure and simple.

• Dimon is lobbying to relax rules that the New York Fed will adopt, implement and impose on banks like his own. That is a conflict, pure and simple.

• JPMorgan Chase has received special loans from the Fed, such as when it acquired Bear Stearns. That is a conflict, pure and simple.

• Dimon’s bank is under regulatory examination by the New York Fed. That is a conflict, pure and simple...

Bollinger says that the law requires that there be bank representatives on the board.

Two responses: first — the law should be changed. Second, the law doesn’t require that the bankers be the CEOs of major entities then the subject of regulatory examination by the Fed.

Other bankers — academics or retired — are available. They would not have the conflicts that Jamie Dimon brings with him.