(CNN) – Elizabeth Warren, the consumer advocate and Democratic candidate for U.S. Senate in Massachusetts, said Monday the constant dodging of effective regulation by Wall Street banks amounts to lobbying warfare.
Warren's comments came after she called on JPMorgan Chase boss Jamie Dimon to step down as a director of the New York Federal Reserve board after his firm announced a $2 billion loss since the start of April.
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"There has been a guerrilla war out there in which the largest financial institutions have been doing everything they can to make sure that financial regulations don't get put in place and if they do get put in place, that they are loaded with loopholes and not very effective," Warren said on CNN's "Starting Point."
Warren is engaged in a heated battle in Massachusetts against Republican Sen. Scott Brown, who she labeled "Wall Street's favorite senator" on CNN Monday. Brown has defended contributions he receives from Wall Street, saying the number of financial firms in his state naturally leads to increased contributions. In her campaign, Warren often takes a hard line against big banks, who she portrays as having too much power over the political system.
The problem originates with the teams of lobbyists hired to dissuade Congress from passing effective financial regulation, Warren said.
"There is a lobbying army hired by these financial institutions because they really don't want to have any oversight," Warren said. "They want to take on risks, and let the rest of us deal with the consequences with anything goes wrong."
Warren's Senate campaign issued a statement Saturday calling on Dimon to step down from the New York Fed, which helps institute monetary police and enforce financial regulations.
"We need to stop the cycle of bankers taking on risky activities, getting bailed out by the taxpayers, then using their army of lobbyists to water down regulations," Warren wrote in the statement. "We need a tough cop on the beat so that no one steals your purse on Main Street or your pension on Wall Street."
Warren said on CNN Monday that America's banks had problems both in size and mindset.
"The problem is a combination of size and attitude," Warren said. "They are too big. There's too much power concentrated in just a handful of institutions. But it's also that they have the attitude of 'Leave us alone. We will manage our risks internally, we will take care of it all ourselves and we will come back to you only if things go wrong and we need some help and we need a bailout.' We can't run an economy that way. We can't run a country that way. We have to stand up as a people and say no more of this."