James Saft is a Reuters columnist. The opinions expressed are his own.
HUNTSVILLE, Ala. — It looks as if patriotism is the last refuge of bankers.
Jamie Dimon, chief executive of JP Morgan Chase, on Monday inveighed against new Basel III banking regulations which will impose higher minimum levels of capital adequacy on banks.
“I’m very close to thinking the United States shouldn’t be in Basel any more. I would not have agreed to rules that are blatantly anti-American,” Dimon told the Financial Times. “Our regulators should go there and say: ‘If it’s not in the interests of the United States, we’re not doing it’.”
Dimon objects to the imposition of an additional layer of capital of 2.5 percent, to rules which limit how banks can count income from collecting and distributing mortgage payment as capital, and to liquidity regulations which he said favor covered bonds, a type of fund-raising more prevalent in Europe.
“I think any American president, secretary of Treasury, regulator or other leader would want strong, healthy global financial firms and not think that somehow we should give up that position in the world and that would be good for your country,” said Dimon. “If they think that’s good for the country then we have a different view on how the economy operates, how the world operates.”