Jamie Dimon took aim at higher capital requirements ahead of a pair of congressional hearings this week, calling an upcoming increase for JPMorgan Chase & Co. “bad for America.”
Dimon, the longtime chief executive officer of the biggest US bank, is set to appear in Washington on Wednesday and Thursday alongside his counterparts from major lenders including Bank of America Corp., Wells Fargo & Co. and Citigroup Inc. for testimony focused on consumer banking. In his wide-ranging prepared remarks, he touted the role his firm plays in the global economy and warned of harm from “arbitrary increases in capital requirements.
New York-based JPMorgan temporarily suspended share buybacks in July to quickly meet higher capital requirements tied to a harsher stress-test result and a previously flagged increase to its buffer for systemic importance. Dimon has long criticized capital-requirement increases, arguing among other things that they put US banks at a disadvantage relative to international competitors.
“As firms increase in systemic importance, the social cost of their failure grows,” Barr said in a Sept. 7 speech. “Regulations should be designed to require firms to internalize the costs that their potential failure would impose on the broader financial system and thus on businesses and households.”
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