JPMorgan CEO Dimon on Dodd-Frank, Economy
11:24 AM, Feb 22, 2011 • By MICHAEL WARREN
CNBC's Maria Bartiromo has an interview in USA Today with JPMorgan Chase CEO Jamie Dimon, a Democrat and Obama administration friend. Dimon has a few problems with new regulations in the Dodd-Frank financial reform bill, including the so-called Durbin amendment, which prevents banks from charging fees on debit card use:
So what sort of cost-recovery efforts will be affecting consumers? Dimon explains:
Read the whole interview here, which also covers economic growth and unemployment. Dimon goes on to say that JPMorgan supported much of the reforms in Dodd-Frank, including high capital liquidity standards and resolution authority. These are, not surprisingly, reforms that benefit big financial institutions when things start to turn south.
But Dimon does object to the creation of the independent Consumer Financial Protection Bureau (CFPB), saying "we have too many regulators" already. Fred Barnes, in this week's issue, writes about CFPB's lack of accountability.