: JPMorgan Chase CEO Dimon says consumers are good, new banking regs are bad

by | Sep 12, 2023 | Stock Market

JPMorgan Chase & Co. chief executive Jamie Dimon called a 1,100-page proposal from federal regulators to require banks to hold more capital looms “hugely disappointing,” and warned that the regulation would cause more market volatility down the road. “I would really know what they would like to accomplish,” Dimon said Monday at his appearance at the Barclays Global Financial Services Conference. “All I want is fairness, transparency, openness and they should do what’s right for the United States of America. I’m not sure they did.”

Dimon found little to complement in the proposal approved by the Federal Deposit Insurance Co. and the Federal Reserve in late July to bring U.S. banks in compliance with international Basel III banking guidelines that were put in place after the Global Financial Crisis that broke out in 2008. The rules are currently under a comment period through the end of November. Dimon was more positive about the “pretty good” state of the U.S. consumer, which has been driving the economy. “Wages are going up, particularly at the low end so it’s pretty good, which is why you have a pretty good economy,” Dimon said. However, Dimon said the macroeconomic backdrop remains is overshadowed by uncertainty about a potential recession, war in Ukraine, fiscal stimulus, tensions with China and the threat of higher commodity prices all in the mix. As the new capital requi …

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