JP Morgan chief criticises regulatory proposals

In a Wall Street Journal column, Jamie Dimon warns about the pitfalls of having too many regulators

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."

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here