Reported private support for the vice president didn’t stop JPMorgan Chase CEO Jamie Dimon from unloading on the administration and encouraging banks to “fight back.”
“…if you’re in a knife fight, you better damn well bring a knife…”
(Video Credit: Bloomberg Television)
Throughout her campaign, Vice President Kamala Harris, who came from a middle-class family, has sold herself as some kind of champion for lower-income-earning, everyday Americans. That was hardly the impression delivered by Dimon Monday as he addressed the American Bankers Association about “unfair and unjust” regulations “hurting lower-paid individuals.”
“I’ve had it with this sh*t.”
In particular, the longest-serving CEO of a Wall Street bank took umbrage with the “onslaught” of red tape from regulators as he lashed out at Consumer Financial Protection Bureau Director Rohit Chopra.
“It’s time to fight back,” Dimon said at the conference. “We don’t want to get involved in litigation just to make a point, but I think, you know, if you’re in a knife fight, you better damn well bring a knife and, you know, that’s where we are.”
During his remarks, the former member of the board of directors of the Federal Reserve Bank of New York argued that banks are afraid to “fight with their regulators because they would just come and punish you more.”
“I have been told by people at the Fed, you know, that because of what you have said and what you wrote about, you know, they’re coming after you,” he expressed. “We are suing our regulators over and over and over because things are becoming unfair and unjust, and they are hurting companies, a lot of these rules are hurting lower-paid individuals.”
In addition to calling out “screen scraping,” data sharing with third parties made possible via open banking rules from the CFPB, Dimon was outspoken about regulators allowing card-issuing firms like American Express and Capital One to charge more for debit card transactions than banks.
“It’s grossly unfair to allow them to do more,” he said to the conference.
It was previously reported that Dimon has “privately” been supporting Harris’ White House bid and the New York Times reported that after his defense of former President Donald Trump earlier in the year, “In private, however, Mr. Dimon has made clear that he supports Vice President Kamala Harris and would consider a role, perhaps Treasury secretary, in her administration. He has also told his associates that the former president’s 2020 election denialism remains close to a disqualifying factor.”
JPMorgan CEO latest example of filthy rich elite support for Harris https://t.co/ty7WqToVCC via @BIZPACReview
— BPR based (@DumpstrFireNews) October 23, 2024
While speaking out against Chopra, selected by President Joe Biden in 2021 after being nominated to the Federal Trade Commission to fill the vacant Democratic seat by then-President Donald Trump, the JPMorgan CEO contended that capital proposals would have to be made known ahead of the election in order for the banks to get anything done.
He was referring to the Federal Reserve Board’s Vice Chair for Supervision Michael Barr who had heeded the concerns of Wall Street banks and outlined a proposal to raise capital by 9% instead of 19% as had originally been suggested.
Dimon said as they awaited the proposals under the regulatory standards of the Basel Committee on Banking Supervision from July 2023, “the devil is in the details.”
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Native of Brooklyn, NY, Kevin Haggerty is a graduate of Hunter College where he studied Cultural Anthropology and Geography. An avid reader and truth seeker, he currently resides in Texas with his wife and their dog and, when he isn't researching current events and their impacts, you'll find him spending time with friends and family or working on his next novel.
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