JPMorgan Chase’s Jamie Dimon says it’s ‘time to fight back’ against bureaucrats

JPMorgan Chase Chairman and CEO Jamie Dimon called the current state of banking regulations under the Biden-Harris administration an “attack” Monday during an annual convention.

The 68-year-old director who leads the largest US lender, criticized what he called “overlapping” rules on capital requirements, card payments and open banking, during a call 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 only come and punish you more,” he added.

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Ticker	Security	Last	Change	Change %
JPM	JPMORGAN CHASE & CO.	226.24	+0.67	+0.30%

Dimon’s message echoed Nichols’ opening speech at the convention.

‘I’m happy to report that The American banks are strong, well capitalized and resilient,” Nichols said. “Despite the fact that we are facing a tsunami of misleading regulatory changes that have forced our industry to push back.”

“As you know, our efforts are focused on challenging many of these new rules, using facts and data that show these changes will cause significant harm to American consumers and the broader economy,” he added.

Nichols further said the ABA is involved in five active lawsuits against federal and state agencies.

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“We sue our regulators over and over again because things are becoming unfair and unjust, and they are hurting businesses. Many of these rules hurt lower-paid individuals,” Dimon said.

Banks are awaiting new proposals under what is known as Basel III, a July 2023 proposal from US regulators to align their standards with those of the Basel Committee on Banking Supervision to help the sector better absorb economic shocks by requiring banks to hold a higher amount. of capital.

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The head of the Federal Reserve’s regulatorsMichael Barr last month outlined a plan to raise capital from major banks by 9%, easing the previous proposal to increase capital by 19%. It was a major concession to the Wall Street banks who had lobbied to water down the draft.

“We don’t want to get involved in a lawsuit just to make a point, but if you’re in a knife fight you better bring a knife and that’s where we are,” Dimon said.

Reuters contributed to this report.