CEO Tells Fed Chief New Rules Hurt Banks

Townhall.com Staff
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Posted: Jun 08, 2011 11:50 AM
CEO Tells Fed Chief New Rules Hurt Banks
ATLANTA—Federal Reserve Chairman Ben Bernanke defended U.S. efforts to overhaul regulation of financial markets after the financial crisis Tuesday, rejecting suggestions from J.P. Morgan Chase & Co. chief Jamie Dimon and other bankers that regulators have gone too far.

Mr. Bernanke, speaking before a group of international bank executives, including Mr. Dimon, said the changes to financial oversight in the Dodd-Frank financial law were necessary.

"While it is true there are a lot of regulations in the pipeline there is a good reason why financial regulation has been reformed," Mr. Bernanke said.

The most pointed comments Tuesday came from Mr. Dimon, who has been vocal about the effect regulatory changes are having on the banking industry. Ticking off a list of changes to financial markets over the past three years, Mr. Dimon said he feared someone would write a book soon about how government overreach had hurt the economic recovery.