Jamie Dimon Becomes Wall Street’s Hero Figure

Townhall.com Staff
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Posted: Jun 08, 2011 2:05 PM
Jamie Dimon Becomes Wall Street’s Hero Figure
Jamie Dimon has become a heroic figure on Wall Street.

During a Q&A session with Federal Reserve chairman Ben Bernanke in Atlanta, JPMorgan [JPM 40.69 -0.03 (-0.07%) ] CEO Jamie Dimon questioned whether too much bank regulation—especially new capital requirements—might be slowing down the economy.

"Now we're told there are going to be even higher capital requirements, and we know there are 300 rules coming, has anyone bothered to study the cumulative effect of these things? And do you have a fear—like I do—that when we look back and look at them all, that they will be the reason that it took so long for our banks, our credit, our businesses, and most importantly, our job creation, to start going again? Is this holding us back at this point?" Dimon said.

The question seemed to put Bernanke back on his heels—and brought some on trading floors to their feet—cheering.

"Nobody has looked at it in all detail, but we certainly are trying as in each part to develop a system that is coherent and that is consistent with banks performing their vital social function in terms of extending credit,” Bernanke replied.