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JP Morgan’s Jamie Dimon to Dodd-Frank defenders: Don’t hurt the public just to hurt our stock price


Washington Examiner-

JPMorgan Chase CEO Jamie Dimon issued a plea Tuesday to members of Congress opposed to changing the new federal rules on banks, asking them not to hurt the public interest out of opposition to big banks like his.

“Do the right thing” regardless of the impact on banks’ share prices, he said in an interview on CNBC. “Don’t do the wrong thing so you can hurt my share price — and hurt the American public at the same time.”

Dimon has advocated revisions to the 2010 Dodd-Frank financial reform law and other post-crisis regulations on banks. Facing the charge that he is doing so out of self-interest, he argued that allowing banks to make more loans would not just aid banks, but also would increase economic growth and wages.