JPMorgan Chase CEO Jamie Dimon issued a plea Tuesday to members of Congress opposed to changing the new federal rules on banks, asking them not to hurt the public interest out of opposition to big banks like his.
"Do the right thing" regardless of the impact on banks' share prices, he said in an interview on CNBC. "Don't do the wrong thing so you can hurt my share price — and hurt the American public at the same time."
Dimon has advocated revisions to the 2010 Dodd-Frank financial reform law and other post-crisis regulations on banks. Facing the charge that he is doing so out of self-interest, he argued that allowing banks to make more loans would not just aid banks, but also would increase economic growth and wages.
Wall Street's aims for rolling back the new financial rules are modest, he said. "None of the major banks I know are talking about throwing out Dodd-Frank, going back to the good old times or even going back to proprietary trading," he said. "This is about recalibrating things which maybe didn't work so well."
Republican efforts to revise Dodd-Frank face a roadblock in the Senate. Liberal Democrats, who can filibuster, have staked out opposition to most changes to the law, arguing that to revise it would be to risk another financial crisis to enrich bankers.
In June, House Republicans passed a sweeping overhaul of financial regulations that they argued amounted to a conservative replacement of Dodd-Frank that big banks wouldn't want. The legislative package received a favorable review from the Trump administration.
That ambitious bill has dismal prospects in the Senate, though, where Republicans must contend with the threat of a Democratic filibuster. Instead, conservatives have weighed passing narrower regulatory relief measures using reconciliation, which avoids the filibuster by needing only a majority vote, or must-pass government funding bills.