JPMorgan’s outspoken chief executive Jamie Dimon has been a critic of the recent spat of regulations on the banking industry.The Volcker Rule, a last-minute addition to the Dodd-Frank bill written by former Federal Reserve Chairman Paul Volcker, was recently approved by the SEC and the Federal Reserve.
The rule imposes restrictions on bank’s trading with their own capital.
“The United States has the best, deepest, widest, most transparent capital markets in the world which give you, the investor, the ability to buy and sell large amounts at very cheap prices. I wish Paul Volcker understood that,” Dimon said on an earnings conference call.
Dimon, who admits he hasn’t read all of the new rules, said he understands the Volcker Rule wanting to curb proprietary trading.
However, he did hint that his firm will comment on the new regulations.
“There’s going to be commentary — commentary will come from the public.” he said. “We will give our comments to regulators.”
During the last year, Dimon has voiced his concerns saying the Basel group global banking regulations “anti-American” and calling out Federal Reserve Chairman Ben Bernanke with pointed questions regarding the Dodd-Frank Financial Regulatory Reform bill.
In the meantime, Dimon said JPMorgan will want to be prepared for the Volcker Rule implementation.
“We will do the best job we can to get ready for those requirements.”
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