JPMorgan CEO Jamie Dimon on Monday launched a pointed critique of the Biden-Harris administration, denouncing the wave of new regulations from Democratic-aligned agencies. Dimon, a native of Queens who was once rumored as a potential Treasury Secretary candidate under a Harris presidency, criticized Washington regulators for burdening the industry with excessive rules.
“It’s time to push back,” Dimon said during a New York banking conference. “I’m fed up with this nonsense.” He noted that many banks fear pushing back on regulatory overreach to avoid retaliation but argued, “if you’re in a knife fight, you’d better bring a knife.”
Dimon took aim at the administration’s proposals for banking regulations, highlighting a proposed measure—Basel III—that would require banks to increase their emergency capital reserves by 9% to better absorb economic shocks. Dimon expressed skepticism, cautioning that “the devil will be in the details.”
“We’re challenging our regulators repeatedly because these rules are unjust and harm companies and low-wage workers,” he said, hinting that the proposed regulations might not survive the November 5 presidential election if political winds shift.
At the American Bankers Association forum, Dimon expressed his frustration with what he described as overlapping, impractical rules, saying, “We’re not taking a step back to ask how to improve the system.”
Dimon also took issue with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, who has proposed a rule to make it easier for consumers to transfer personal financial data across providers. Banking groups have already filed lawsuits, claiming CFPB exceeded its authority. While Dimon acknowledged Chopra’s intelligence, he criticized his approach, saying, “He justifies what he already believes.”
Reports have circulated that Dimon once considered a government role if Harris were to win, but he recently told Wall Street analysts the likelihood of him leaving JPMorgan is “almost nil.” Meanwhile, as Election Day approaches, former President Donald Trump is reportedly gaining ground in the polls, further dimming Harris’s prospects.
