JPMorgan Chase CEO Jamie Dimon criticized U.S. financial regulations at an American Bankers Association event in New York on Monday, calling certain policies “unfair and unjust” and warning they may destabilize the banking sector. Speaking to the impact of current rules on the industry, Dimon urged banks to push back, stating:

It’s time to fight back.

Dimon noted that many banks are hesitant to challenge regulators due to potential retaliation. He mentioned receiving warnings from contacts within the Federal Reserve, who indicated that his outspoken stance had attracted attention. “I have been told by people at the Fed: ‘You know that because of what you have said and what you wrote about, you know they are coming after you,'” he shared.

Voicing frustration with the regulatory framework, Dimon pointed out how overlapping regulations burden the financial system. “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, highlighting the toll that regulatory policies take on the lower-wage sector.

Dimon singled out the Basel III endgame proposal from July 2023, which aims to align U.S. banking standards with international norms, noting that while it seeks to increase resilience, “the devil is in the details.” The proposal “would substantially revise the capital requirements applicable to large banking organizations and to banking organizations with significant trading activity,” according to the Federal Reserve.

During his address, Dimon described elements of the Basel framework as “ridiculous,” specifically criticizing capital surcharges imposed on globally significant banks as one of the “stupidest” provisions. He emphasized the need to reevaluate these overlapping requirements, stating:

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.

The JPMorgan CEO further expressed dissatisfaction with regulatory inconsistencies, particularly in debit card transaction fees. He argued it was “grossly unfair” that companies like American Express, Capital One, and Discover can levy higher fees than banks. He also voiced concerns over the Consumer Financial Protection Bureau’s (CFPB) new data-sharing rules aimed at improving collaboration between fintechs and traditional banks. Although he supports open banking in principle, Dimon warned that consumer data could be at risk, potentially leading to fraud. Dimon concluded by saying that, while JPMorgan does not seek legal disputes, it is prepared to engage in litigation if necessary, emphasizing: “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.”

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