Jamie Dimon, grappling with multibillion-dollar legal costs and rising capital requirements at JPMorgan Chase & Co. (JPM), lashed out at U.S. regulators for putting his bank “under assault.”
“We have five or six regulators or people coming after us on every different issue,” Dimon, 58, said today on a call with reporters after New York-based JPMorgan reported fourth-quarter results. “It’s a hard thing to deal with.”
Other “hard things to deal with” may also include the near total implosion of the global economy caused by Jaime Dimon’s bank in 2008.
Dimon, who was lauded during the crisis for JPMorgan’s role in buying Bear Stearns Cos. and Washington Mutual Inc.’s bank units, has criticized the government for penalizing JPMorgan for those firms’ actions.
The bank settled foreign-exchange investigations with three regulators in November, paying about $1 billion, and still faces a Justice Department probe.
“In the old days, you dealt with one regulator when you had an issue, maybe two,” said Dimon, 58. “Now it’s five or six. It makes it very difficult and very complicated. You all should ask the question about how American that is. And how fair that is. And how complex that is for companies.”
YOU GUYS KEEP PICKING ON HIM. I mean sure, the guillotines are a nice touch and all, but he has feelings too ya know. The best part is that the new GOP Congress completely agrees with him. There are just too many regulators bothering Jamie Dimon dammit, and we need to put a stop to it.
The bill, introduced by Rep. Michael Fitzpatrick (R-Pa.), is called the Promoting Job Creation and Reducing Small Business Burdens Act, but its name obscures what it would actually do. The legislation is a compilation of deregulatory bills that failed to pass the Democrat-controlled Senate in the last Congress. It would alter nearly a dozen provisions of the 2010 Dodd-Frank financial reform law, loosening regulation of Wall Street banks.
That seems useful, right?
Last week, House Republicans tried to force Fitzpatrick’s bill through the House using a procedure typically used for uncontroversial bills or technical fixes. This process, known as fast-tracking, requires the bill to receive a yes vote from two-thirds of the chamber, or at least 290 members. But on Friday, just 276 of the 435 members of the House voted for the measure—well short of the two-thirds majority required. Now GOP leaders have resurrected the bill, and will push it through under the normal rules, which require just a simple majority. The bill is expected to pass the House easily, although it’s unclear whether the Senate would approve it. President Barack Obama would likely veto it. But GOPers could force the legislation into law by attaching bits of it to must-pass bills—such as spending legislation—later this year.
You’ll be seeing a lot of that “attaching to must-pass bills” trick over the next two years, I think.