Compliance

10:28 AM
Melanie Rodier
Melanie Rodier
Commentary
Connect Directly
Facebook
Google+
LinkedIn
Twitter
RSS
E-Mail
50%
50%

Dimon Hates New Regs

The JP Morgan chief criticized the CFTC swaps crackdown and Dodd-Frank in no uncertain terms.

Dimon Hates New Regs

Jamie Dimon, the chief executive of JP Morgan, hates the new federal regulations his bank faces, and he isn't shying away from telling everyone. Speaking to the United States Chamber of Commerce's Capital Markets Summit, Dimon lashed out at efforts by regulators to police the $600 trillion swaps market, in which JP Morgan is a big player.

In no uncertain terms, he said that instead of coming up with these new rules, the government should focus on a more important goal: "Get people back to work."

New regulations being implemented by the U.S. Commodity Futures Trading Commission, mandated under 2010's post-crisis Dodd-Frank reforms, "would damage America," Dimon said.

He concluded that part of the Dodd-Frank legislation requiring banks to spin off swap dealing operations was "one of the most irrational pieces of legislation I've ever seen."

From the New York Times:

"The C.F.T.C. way would damage America," he told the audience of fellow bankers and businessmen. Mr. Dimon assailed the agency for drafting rules that conflict with similar proposals emerging from the SEC.

"It's their job to make sure its one set of rules," he said. The two agencies are writing the rules to comply with the Dodd-Frank Act, the financial regulatory law signed by President Obama in July. The law aimed at changes in the derivatives industry, a leading cause of the financial crisis.

Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio
Comment  | 
Print  | 
More Insights
More Commentary
Micro Data Challenges in an Era of Macroprudential Regulation
Research and statistical analysis experts at central banks are tasked with developing sophisticated forecasts and models to identify systemic risk. Yet they are spending most of their time acting as data entry clerks, rather than developing these models.
The Perks of 'SmartSourcing' Shared Services in Financial Industry
A breadth of vital but undifferentiated business processes are still being replicated across the industry. They are all candidates for centralization.
Managing Social Media Risk Strategy: Technology Can Only Go So Far
Advanced analytical technologies are an important part of a social media risk management strategy, an Accenture report says, but the technology must be balanced with training and procedures.
Cross-Asset Universal Product Identifier: The Solution the Industry Is Looking For?
A UPI will enable a holistic approach to identifying all trades and positions. While such an idea sounds great in theory, historical attempts at achieving global agreement have fallen short.
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - Elite 8, October 2014
The in-depth profiles of this year's Elite 8 honorees focus on leadership, talent recruitment, big data, analytics, mobile, and more.
Video
Stressed Out by Compliance, Reputational Damage & Fines?
Stressed Out by Compliance, Reputational Damage & Fines?
Financial services executives are living in a "regulatory pressure cooker." Here's how executives are preparing for the new compliance requirements.