Wall Street Banker Blames New Regulations for Slow Recovery

CNNMoney reports in an exchange between Federal Reserve Chairman Ben Bernanke and JPMorgan Chase CEO Jamie Dimon, that Dimon said the government is stifling the recovery with its reforms, including the Dodd-Frank Act (Dodd-Frank).  Bernanke spoke in Atlanta at the International Monetary Conference and acknowledged the recovery is slow.  Dimon said most of the bad actors and the exotic derivatives are gone, and transactions are more transparent.  When Dimon asked if the government had conducted any studies to determine if the new banking regulations are restricting economic growth, Bernanke replied the government does not have the quantitative tools to conduct that analysis.  Bloomberg says JPMorgan is the most profitable bank in the U.S., and was the only bank to remain profitable during the recession.  Michael Holland of New York’s Holland and Co. said, ““Jamie Dimon has raised the issue in a very public forum that people in Washington are part of the problem, not part of the solution.”

mas kovach mhpronews shopping with soheyla .jp

Get our ‘read-hot’ industry-leading 

get our ‘read-hot’ industry-leading emailed headline news updates

Scroll to Top