Jamie Dimon has backed Trump’s proposals to relax US financial regulation, saying post-crisis rules had solved the ‘too big to fail’ issue.
Editor’s Remarks: Dimon’s support leverages his capacity as chairman and chief of one of the world’s financial powerhouses, with the remarks appearing in his annual letter to JPMorgan Chase’s shareholders. He stopped short of advocating a total overhaul of Dodd-Frank and related rules, but rather the need to “rework … the rule book” where it appears “unnecessarily complex, costly and sometimes confusing”. American banks have increased their capital cushions and risk controls significantly in the last few years, though it remains to be seen how far Trump’s proposals result in a reversal of this trend.
What to watch: Jamie Dimon, Business Roundtable (BRT), Donald Trump