(New York Post) JPMorgan CEO Jamie Dimon on Monday launched an astonishing attack on the Biden-Harris Administration by hitting out at the “onslaught” of red tape from Dem-backed regulators.
The Queens native, who reportedly had interest in becoming US Treasury Secretary should Kamala Harris win the election, gave bureaucrats in Washington a tongue-lashing for hobbling the industry with a raft of new rules.
“It’s time to fight back,” Dimon told a conference of bankers in New York. “I’ve had it with this s**t.”
The 68-year-old poured scorn on the current administration’s plans for regulating the US banking industry, rattling off a list of what he described as ill-conceived rules.
Dimon singled out a blueprint aimed at helping banks absorb major economic shocks by forcing them to hold more capital on the balance sheets to weather any financial storms.
The proposal, known as Basel III, would see major lenders raise that emergency buffer by 9%. The veteran banker warned that “the devil would be in the details.”
“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.
