JPMorgan Chase CEO Says It’s Time To “Fight Back” As Tensions Rise Between Banks And US Regulators

The CEO of JPMorgan Chase, Jamie Dimon, became vocal about his concerns surrounding certain US financial regulatory initiatives. He vows to “fight back” against any initiatives he believes are damaging and inefficient to the financial ecosystem of America. In a conference, he stated the fear of financial institutions like banks to,” fight with their regulators, because they would just come and punish you more.”

Dimon, known for his straightforward personality, said,”I have been told by people at the Fed, know that because of what you have said and what you wrote about, you know they are coming after you.”

He slammed the complicated and possible adverse effects of proposed regulations on capital requirements, card payments, and open banking. He demanded stringent regulations for card-issuing financial services like Capital One, American Express, and Discover Financial Services as they have an advantage over banks on relaxed regulations on debit card fees.

He expressed his concerns about how certain regulations can inhibit creativity, increase expenses for customers, and ultimately diminish the strength of the financial system. He stated, “The biggest problem I have with all these overlapping rules is that we are not stepping back and saying, what could we do better to make the system work better.”

He specifically highlighted regulations like the Federal Reserve’s proposed capital surcharge for large banks, the Basel III endgame proposal, and the Consumer Financial Protection Bureau’s open banking rule for being excessively demanding, unreliable, and compromising on the stability of financial systems.

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