Bank CEOs on Capitol Hill:
- Jamie Dimon of JPMorgan Chase:
- Against new capital rules, which could hurt “affordable credit and traditional banking products, capital markets and market liquidity, and the economy overall.”
- Suggests “closing down” cryptocurrency transactions.
- Supports applying Bank Secrecy Act regulations to cryptocurrency brokers.
- Worries that proposed cap on interchange fees could make bank accounts more expensive for low-income borrowers.
- Jane Fraser of Citigroup:
- Forecasts a recession but sees no “drastic downturn.”
- Notes moderate consumer spending growth and segment differentiation.
- David Solomon of Goldman Sachs:
- Says proposed capital rules will increase bank’s capital requirements significantly, potentially harming competitiveness and pushing activity overseas.
- Brian Moynihan of Bank of America:
- Highlights “responsible growth” efforts, including eliminating nonsufficient-fund fees and reducing overdraft fees.
Overall Message:
Big banks are pushing back against stricter regulations while advocating for stronger controls on cryptocurrency. They see a potential recession looming but remain cautiously optimistic about the economy.
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