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Dimon Blasts Higher Capital Requirements as Bank CEOs Head to Washington

  • JPMorgan CEO calls upcoming increase ‘bad for America’
  • Bank chiefs to testify before Congress in pair of hearings
Bloomberg business news
JPM's Dimon: Higher Capital Requirements Are 'Bad for America'

Jamie Dimon took aim at higher capital requirements ahead of a pair of congressional hearings this week, calling an upcoming increase for JPMorgan Chase & Co. “bad for America.”

Dimon, the longtime chief executive officer of the biggest US bank, is set to appear in Washington on Wednesday and Thursday alongside his counterparts from major lenders including Bank of America Corp., Wells Fargo & Co. and Citigroup Inc. for testimony focused on consumer banking. In his wide-ranging prepared remarks, he touted the role his firm plays in the global economy and warned of harm from “arbitrary increases in capital requirements.”