JP Morgan chief criticises regulatory proposals

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NEW YORK - While Jamie Dimon, chief executive of JP Morgan, has praised President Obama's effort to reform the US financial regulatory system, he warns of the dangers of having too many regulators. Writing in the Wall Street Journal, Dimon speaks out in favour of a single bank regulator and says creating new regulatory bodies will only increase costs and reduce credit opportunities for consumers. He believes the emphasis should be placed on strengthening existing bodies.

"Any regulatory overhaul should ensure that government oversight of the financial system is efficient," wrote Dimon. "We should avoid the temptation to have multiple regulators just for the sake of having them."

He said: "Before creating an entirely new federal bureaucracy, policymakers should first examine ways to strengthen and refocus the authority of existing regulators."

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