JPM Doesn't Debank Because of Politics or Religion: Jamie Dimon

JPMorgan Chase & Co.’s Jamie Dimon supports a restructuring of US financial regulators, saying Thursday on Capitol Hill that it was necessary to “look at the whole thing.”

Dimon, the bank’s chief executive officer, told reporters it’s time “to take a step back and look at all the rules and regulations put into place to create a better, safer, sounder more consumer friendly system that finances the growth of the United States.”

The bank executive’s comments come as the Trump administration has pushed to cut federal spending and reshape some federal agencies. He dismissed concerns about the Consumer Financial Protection Bureau being dismantled, saying Americans should be protected one way or another.

“The consumers protection is the SEC, the OCC, the Federal Reserve and the question is how do you design a system that is good for everybody, that makes sense, it isn’t just for the CFPB alone,” Dimon told reporters.

He commented after Senate Banking Chairman Tim Scott led a roundtable Thursday with committee Republicans and bank executives on debanking, or the practice of depriving some individuals and businesses of banking services.

President Donald Trump has taken up the cause of perceived political debanking, accusing some big banks of not doing business with conservatives. The issue was also the topic of a Senate Banking Committee hearing last week.

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