Dimon fears over-regulation may worsen US banks

Dimon stated that "not a single Fed governor predicted" the financial crisis, implying that the Fed did not anticipate banking issues.

Dimon fears over-regulation may worsen US banks
Dimon fears over-regulation may worsen US banks

The chief executive officer of JPMorgan Chase, which recently acquired insolvent First Republic Bank, believes that if the Federal Reserve enters crisis mode due to excessive regulation, the United States banking industry will suffer further.

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase, stated in a May 11 interview with Bloomberg television that he believes “things are going to get worse for banks” if the Federal Reserve does not take proactive measures beyond merely establishing more regulations.

Jamie Dimon speaking on Bloomberg Surveillance. Source: Bloomberg
Jamie Dimon speaking on Bloomberg Surveillance. Source: Bloomberg

Three significant U.S. banks failed within the first few months of the year: Signature Bank, Silicon Valley Bank, and First Republic Bank.

Dimon stated that it is a “supervision problem” and that the “people to blame” are the bank CEOs and board members, as administrators typically examine compliance with regulations.

However, Dimon believes that adding more regulations to the already 200-thousand-page Federal Reserve stress test is not the solution to the current banking crisis.

He argued that additional regulations make it more difficult for banks to conduct business, citing the fact that “some of these community banks now employ more compliance personnel than loan officers.”

Instead, he proposed taking a holistic approach when modifying regulations, saying:

“At one point, it’s making it harder for them to do business. There are already hundreds of rules in place.

He further questioned the efficacy of stress tests, stating that companies that focus solely on “that one stress test” may neglect issues such as historical events that “always happen” again.

He believes that concentrating on a single stress test creates a “false sense of security.”

Dimon indicated that the Federal Reserve never anticipated problems in the banking industry, stating that “not a single Fed governor predicted” the financial crisis.

This is not the first time in recent years that a JPMorgan executive has criticized banking regulations.

Bob Michele, chief investment officer of J.P. Morgan Asset Management, stated in a Bloomberg television interview on April 27 that First Republic Bank’s liquidity issues “should never have occurred” because banking is “the most heavily regulated and capitalized industry.”

After its previous attempts to rescue First Republic Bank (FRB) failed, it was reported on May 1 that JPMorgan was planning to acquire the bank’s assets.


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