Bank CEOs To Tell Fed Regulation Is ‘Unrealistic’: Report
The banking industry is getting personal in its tireless fight against regulation.
Jamie Dimon, chief executive of JPMorgan Chase and the industry’s regulation-basher in chief, has called for a sit-down next week between the heads of four of the nation’s biggest banks — JPMorgan, Goldman Sachs, Bank of America and Morgan Stanley — and Federal Reserve Governor Daniel Tarullo, the Wall Street Journal is reporting.
The purpose of this friendly get-together will be to express the banks’ displeasure about financial regulation, particularly a Fed plan to limit the banks’ exposure to derivatives tied to the credit of foreign governments and other banks.
According to the WSJ:
bankers will tell regulators that the rule is based on “unrealistic” standards and could foster “potentially destabilizing” market shifts, according to two draft letters reviewed by The Wall Street Journal.
In other words: Nice economy you’ve got there. Shame if anything should happen to it.