JPMorgan Chase’s Jamie Dimon says it’s ‘time to fight back’ against bureaucrats
JPMorgan Chase CEO Jamie Dimon reveals his latest concerns about the US economy and the expected impact of upcoming banking regulations.
JPMorgan Chase chairman and CEO Jamie Dimon called the current state of banking regulations under the Biden-Harris administration an “assault” during the annual meeting on Monday.
The 68-year-old executive of the largest US lender, criticized what he called “excessive regulations” on cash requirements, card payments and bank opening, during an interview with BA president and CEO Rob Nichols.
“It’s time to fight back,” Dimon said at the conference. Many banks are afraid to “fight with their regulators, because they will come and punish you heavily,” he added.
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Jamie Dimon, chief executive of JPMorgan Chase & Co., said it was “time to fight back” against regulators. (Photographer: Chris Ratcliffe/Bloomberg via Getty Images / Getty Images)
| A ticker | Security | Finally | Change | change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 224.83 | -0.74 |
-0.33% |
Dimon’s message echoed Nichols’ opening remarks.
“I am pleased to report that America’s banks are strong, well-capitalized and strong,” Nichols said. “Despite facing a tsunami of negative regulatory changes that forced our industry back.”
“As you know, our advocacy efforts are focused on challenging many of these new rules using facts and data to show that these changes will cause significant harm to American consumers and the broader economy,” he added.
Nichols went on to say that the ABA is involved in five active lawsuits against federal and state agencies.
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Jamie Dimon, Chairman and CEO of JPMorgan Chase, testifies during a Senate Banking Committee hearing at the Hart Senate Office Building on December 06, 2023 in Washington, DC. (Wina McNamee/Getty Images/Getty Images)
“We sue our regulators over and over again because things are unfair and unfair, and they hurt companies. Many of these laws hurt low-income people,” Dimon said.
Banks are awaiting new proposals under what is known as Basel III, a proposal by US regulators in July 2023 to combine their standards with those of the Basel Committee on Banking Supervision to help the industry better handle economic shocks by requiring banks to maintain a high rate. of capital.
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Federal Reserve Chairman Michael Barr last month unveiled a plan to increase central bank interest rates by 9%, easing a previous proposal to increase interest rates by 19%. It was a major concession to Wall Street banks that had urged them to cut the deficit.
“We don’t want to get into lawsuits to make a point, but if you’re fighting with a knife, it’s better to carry a knife where we are,” said Dimon.
Reuters contributed to this report.
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