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America's most powerful banker launches scathing attack on Biden-Harris administration after privately backing VP for presidency By Stephen M. Lepore For Dailymail.Com and Wires Updated: 22:14 EDT, 28 October 2024 e-mail View comments JPMorgan Chase CEO Jamie Dimon told a conference of bankers Monday that he's 'tired of this s***' when it comes to regulation on banks from the Biden-Harris administration.
The outspoken executive, 68, who runs the largest U.S. lender, said this despite an investigation revealing he privately backs Kamala Harris for president.
Dimon - who has said in private he'd like to be considered for Treasury Secretary under Harris - blasted several major U.S. financial regulatory initiatives on Monday and vowed to oppose those he said would not make banks safer.
'It's time to fight back,' he said at the American Bankers Association of the 'onslaught' of red tape, before exclaiming: 'I'm tired of this s***.' Dimon, a registered Democrat , has been uncharacteristically quiet about his political leanings in recent months. JPMorgan Chase CEO Jamie Dimon told a conference of bankers Monday that he's 'tired of this s***' when it comes to regulation on banks from the Biden-Harris administration The outspoken executive, 68, who runs the largest U.
S. lender, said this despite an investigation revealing he privately backs Kamala Harris for president This had led some watchers to speculate whether he had switched his allegiance to the Republican candidate. Read More JPMorgan CEO Jamie Dimon quietly reveals whether he is backing Donald Trump or Kamala Harris Both the Trump and Harris campaigns have reportedly sought Dimon's public support.
Dimon was then forced to publicly deny that he had endorsed Trump earlier this month, after the presidential candidate made the false claim on his social media site Truth Social. In private, however, the 68-year-old has made it clear that he supports Vice President Harris. He would also reportedly consider a role, perhaps Treasury secretary, in her administration.
The banker, who has an estimated net worth of around $2.4 billion, has allegedly told his associates that he considers Trump's 2020 election denialism close to a disqualifying factor. However, at the New York conference, he criticized what he called overlapping or ill-conceived rules on capital requirements, card payments and open banking.
'It's time to fight back,' he said. Many banks are afraid to 'fight with their regulators, because they would just come and punish you more,' he added. Both the Trump and Harris campaigns have reportedly sought Dimon's public support Dimon was forced to publicly deny that he had endorsed Trump earlier this month '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.
' The Federal Reserve declined to comment. 'We are suing our regulators over and over and over because things are becoming unfair and unjust, and they are hurting companies, a lot of these rules are hurting lower-paid individuals,' he said. As banks await new proposals under what is known as the Basel III endgame, 'the devil is in the details,' Dimon said.
He was referring to a proposal by U.S. regulators in July 2023 to align their standards with those of the Basel Committee on Banking Supervision to help the industry better absorb economic shocks.
The Fed's regulatory chief Michael Barr last month outlined a plan to raise big bank capital by 9%, easing the previous proposal to hike capital 19%. It was a major concession to Wall Street banks that had lobbied to water down the draft. Despite the apparent industry victory, the plan was still mired in uncertainty, with key details unclear and the Nov.
5 U.S. presidential election casting doubt over whether it would survive a new administration.
It will be difficult to get anything done if the proposals do not emerge before the election, Dimon said. The capital surcharge for global systemically important banks was among the 'stupidest' elements of the Basel framework, its operational risk calculations were 'ridiculous,' and there were 'inconsistencies' in the liquidity coverage ratio, he said. '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.
The bank chief has been among the most strident critics of regulations and has warned the bank is willing to challenge some rules in court when it sees no other choice. 'It is time to fight back,' Dimon told the American Bankers Association, drawing applause and laughter. 'We don't want to get involved in litigation just to make a point, but if you're in a knife fight, you better bring a knife and that's where we are.
' The CEO also said regulators should not allow card-issuing financial services firms such as American Express, Capital One and Discover Financial Services to charge more for debit card transactions. This is because banks are limited in how much they can charge for debit cards while card issuers have no such limits. 'It's grossly unfair to allow them to do more,' he said.
Dimon, the longest running bank chief at a major Wall Street bank, also criticized the top U.S. consumer finance watchdog's rules unveiled last week which would make it easier for consumers to switch between financial services providers.
The Consumer Financial Protection Bureau's 'open banking' rule governs data sharing between fintech firms and traditional banks, allowing consumers to easily transfer their personal data between providers free of charge. Dimon said he was not against open banking but noted that it could compromise consumer data and lead to fraudulent money transfers and he was set to fight it. Share or comment on this article: America's most powerful banker launches scathing attack on Biden-Harris administration after privately backing VP for presidency e-mail Add comment Some links in this article may be affiliate links.
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