Zincwarrior
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Here you go. These guys. These guys caused the 2008 meltdown. These guys get what they want, when they want. Working class...you are nothing. Poor people you are nothing. Middle class shopowners and free enterprisers? You are nothing. COuntries and nations? You are nothing. Only the global Fortune 500 really matters.
www.cnbc.com
Wall Street CEOs try to convince senators that new capital rules will hurt Americans as well as banks
The heads of America's largest banks, including JPMorgan Chase, Bank of America and Goldman Sachs are seeking to dull the impact of the new rules.
www.cnbc.com
Wall Street CEOs try to convince senators that new capital rules will hurt Americans as well as banks
PUBLISHED WED, DEC 6 20232:39 PM ESTUPDATED 50 MIN AGO
Hugh Son@HUGH_SON
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KEY POINTS
In this article
- The CEOs of eight banks sought to raise alarms over a sweeping set of higher standards known as the Basel 3 endgame.
- “The rule would have predictable and harmful outcomes to the economy, markets, business of all sizes and American households,” JPMorgan Chase CEO Jamie Dimon told lawmakers.
- Democratic Sen. Sherrod Brown, chairman of the Senate Banking Committee, ripped the banks’ lobbying efforts against the proposed rules.
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(L-R) Brian Moynihan, Chairman and CEO of Bank of America; Jamie Dimon, Chairman and CEO of JPMorgan Chase; and Jane Fraser, CEO of Citigroup; testify during a Senate Banking Committee hearing at the Hart Senate Office Building on December 06, 2023 in Washington, DC.
Win Mcnamee | Getty Images
Wall Street CEOs on Wednesday pushed back against proposed regulations aimed at raising the levels of capital they’ll need to hold against future risks.
In prepared remarks and responses to lawmakers’ questions during an annual Senate oversight hearing, the CEOs of eight banks sought to raise alarms over the impact of the changes. In July, U.S. regulators unveiled a sweeping set of higher standards governing banks known as the Basel 3 endgame.
“The rule would have predictable and harmful outcomes to the economy, markets, business of all sizes and American households,” JPMorgan Chase CEO Jamie Dimon told lawmakers.
If unchanged, the regulations would raise capital requirements on the largest banks by about 25%, Dimon claimed.
The heads of America’s largest banks, including JPMorgan, Bank of America and Goldman Sachs, are seeking to dull the impact of the new rules, which would affect all U.S. banks with at least $100 billion in assets and take until 2028 to be fully phased in. Raising the cost of capital would likely hurt the industry’s profitability and growth prospects.
It would also likely help nonbank players including Apollo and Blackstone, which have gained market share in areas banks have receded from because of stricter regulations, including loans for mergers, buyouts and highly indebted corporations.
While all the major banks can comply with the rules as currently constructed, it wouldn’t be without losers and winners, the CEOs testified.
Those who could be unintentionally harmed by the regulations include small business owners, mortgage customers, pensions and other investors, as well as rural and low-income customers, according to Dimon and the other executives.
