(Newser)
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A new set of international banking regulations are “anti-American,” the CEO of JPMorgan Chase tells the Financial Times—so much so that the US should seriously consider quitting the regulatory group that set the rules. The Basel group’s new regulations require banks to balance risk-taking by accumulating special capital equal to least 7% of risk-weighted assets; for top banks, three out of eight of which are American, that figure is 9.5%.
“I’m very close to thinking the United States shouldn’t be in Basel anymore. I would not have agreed to rules that are blatantly anti-American,” Dimon says. “Our regulators should go there and say: ‘If it’s not in the interests of the United States, we’re not doing it.’” Dimon also said he expected it would take “three to 10” years for the bank industry to get through investor lawsuits tied to the financial crisis. Click through for more from Dimon’s interview with the FT.
