Dimon Says Global Reach by Dodd-Frank May Aid Competitors

Congress and U.S. regulators should limit the international reach of Dodd-Frank Act swaps regulations, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said as he testified about at least $2 billion in losses on trades conducted by his bank in London.

“If JPMorgan overseas operates under different rules than our foreign competitors, we can no longer provide the best products and services to our U.S. clients or our foreign clients,” Dimon said yesterday at a House Financial Services Committee hearing on the losses. “The rules at the transaction level about margin reporting, all those requirements may enable Deutsche Bank to make the better deal.”