JPMorgan Chief: Bank Rules ‘Anti-U.S.’

JPMorgan chief Jamie Dimon tells the Financial Times that new international finance rules are “anti-American” and suggests the U.S. would be better off if it withdrew from Basel. “I’m very close to thinking the United States shouldn’t be in Basel any more,” Dimon says. “I would not have agreed to rules that are blatantly anti-American.” Dimon is particularly angered over rules requiring the biggest banks to build up an extra reserve of risk-absorbent “core tier one” capital: While all banks must count such capital as 7 percent of risk-weighted assets, the largest banks, including JPMorgan, must reach 9.5 percent.