JPMorgan Chase CEO Jamie Dimon has openly criticised recent regulatory ideas in the United States financial sector, vowing to reject measures he considers ineffectual and potentially damaging. Dimon expressed his frustrations at a conference, saying, "It's time to fight back," and adding that many banks avoid pushing regulators for fear of punishment.
"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," Dimon added.
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Dimon stated that he has been warned by Federal Reserve officials that his criticism may result in investigation of JPMorgan, but he remained undaunted, emphasising the negative effects of these regulatory reforms. He suggested that these laws could hinder innovation, boost consumer costs, and damage the financial system.
Dimon's main point of contention is the perceived distinction between banks and other card-issuing companies like American Express, Capital One, and Discover Financial Services. He questioned the lesser limits imposed on these organizations, particularly those limiting debit card fees, alleging they had an unfair competitive edge over traditional banks.
"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 added.
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