America's most powerful banker launches scathing attack on Biden-Harris administration after privately backing VP for presidency

Jamie Dimon told a convention of bankers Monday that he's 'tired of this s***' erstwhile it comes to regularisation connected banks from nan Biden-Harris administration.

The JPMorgan Chase CEO -  who has reportedly eyed nan position of Treasury Secretary nether Harris - said this despite an investigation revealing he privately backs Kamala Harris for president. 

Dimon, 68, blasted respective awesome U.S. financial regulatory initiatives connected Monday and vowed to reason those he thinks would wounded banks.

'It's clip to conflict back,' he said astatine nan American Bankers Association, pointing to nan 'onslaught' of reddish tape, earlier exclaiming: 'I'm tired of this s***.' 

Dimon, a registered Democrat, has been uncharacteristically quiet astir his governmental leanings successful caller months.

This had led immoderate watchers to estimate whether he had switched his allegiance to nan Republican candidate. 

Both nan Trump and Harris campaigns person reportedly sought Dimon's nationalist support.

Dimon was past forced to publically contradict that he had endorsed Trump earlier this month, aft nan statesmanlike campaigner made nan mendacious declare connected his societal media tract Truth Social. 

In private, however, nan 68-year-old has made it clear that he supports Vice President Harris.

He would besides reportedly see a role, possibly Treasury secretary, successful her administration. 

The banker, who has an estimated nett worthy of astir $2.4 billion, has allegedly told his associates that he considers Trump's 2020 predetermination denialism adjacent to a disqualifying factor.

However, astatine nan New York conference, he criticized what he called overlapping aliases ill-conceived rules connected superior requirements, paper payments and unfastened banking.

'It's clip to conflict back,' he said. Many banks are acrophobic to 'fight pinch their regulators, because they would conscionable travel and punish you more,' he added.

'I person been told by group astatine nan Fed, cognize that because of what you person said and what you wrote about, you cognize they are coming aft you.'

The Federal Reserve declined to comment.

'We are suing our regulators complete and complete and complete because things are becoming unfair and unjust, and they are hurting companies, a batch of these rules are hurting lower-paid individuals,' he said.

As banks await caller proposals nether what is known arsenic nan Basel III endgame, 'the devil is successful nan details,' Dimon said.

He was referring to a connection by U.S. regulators successful July 2023 to align their standards pinch those of nan Basel Committee connected Banking Supervision to thief nan manufacture amended sorb economical shocks.

The Fed's regulatory main Michael Barr past period outlined a scheme to raise large slope superior by 9%, easing nan erstwhile connection to hike superior 19%. It was a awesome concession to Wall Street banks that had lobbied to h2o down nan draft.

Despite nan evident manufacture victory, nan scheme was still mired successful uncertainty, pinch cardinal specifications unclear and nan Nov. 5 U.S. statesmanlike predetermination casting uncertainty complete whether it would past a caller administration.

It will beryllium difficult to get thing done if nan proposals do not look earlier nan election, Dimon said.

The superior surcharge for world systemically important banks was among nan 'stupidest' elements of nan Basel framework, its operational consequence calculations were 'ridiculous,' and location were 'inconsistencies' successful nan liquidity sum ratio, he said.

'The biggest problem I person pinch each these overlapping rules is that we are not stepping backmost and saying, what could we do amended to make nan strategy activity better,' he added.

The slope main has been among nan astir strident critics of regulations and has warned nan slope is consenting to situation immoderate rules successful tribunal erstwhile it sees nary different choice.

'It is clip to conflict back,' Dimon told nan American Bankers Association, drafting applause and laughter. 'We don't want to get progressive successful litigation conscionable to make a point, but if you're successful a weapon fight, you amended bring a weapon and that's wherever we are.'

The CEO besides said regulators should not let card-issuing financial services firms specified arsenic American Express, Capital One and Discover Financial Services to complaint much for debit paper transactions.

This is because banks are constricted successful really overmuch they tin complaint for debit cards while paper issuers person nary specified limits.

'It's grossly unfair to let them to do more,' he said.

Dimon, nan longest moving slope main astatine a awesome Wall Street bank, besides criticized nan apical U.S. user finance watchdog's rules unveiled past week which would make it easier for consumers to move betwixt financial services providers.

The Consumer Financial Protection Bureau's 'open banking' norm governs information sharing betwixt fintech firms and accepted banks, allowing consumers to easy transportation their individual information betwixt providers free of charge.

Dimon said he was not against unfastened banking but noted that it could discuss user information and lead to fraudulent money transfers and he was group to conflict it.