JPMorgan's (JPM) Jamie Dimon Calls Bank Capital Rule 'Anti-American'

Jamie Dimon, chief executive of JPMorgan Chase (NYSE: JPM), called the new international bank capital rules "anti-American" and stated that the U.S. should withdraw out of the Basel group of global regulators.

While Mr. Dimon agrees that banks need to have more capital, he noted that charging the largest global banks an additional charge is out of the question.

CNBC reports that the Basel III capital rules were developed to help make the financial system safer. Banks are forced to build up risk-absorbent "core tier one" capital to a minimum of 7 percent of risk-weighted, JPM has to reach 9.5 percent as they are included in one of the largest banks internationally.

"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 Mr. Dimon.

The regulators of the Basel group choose 8 banks to be in the top level of capital, five of which are located outside of the U.S. Mr. Dimon believes this represents a problem for the U.S. banks as Asian banks now have a easier way to steal market share due to the combination of U.S. and global regulation.

Mr. Dimon commented, "If they think that's good for the country then we have a different view on how the economy operates, how the world operates."

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