**JPMorgan Chase CEO Jamie Dimon Criticizes Financial Regulatory Initiatives**

NEW YORK (Reuters) - On Monday, JPMorgan Chase CEO Jamie Dimon delivered a scathing critique of various U.S. financial regulatory initiatives, promising to oppose measures he believes would not enhance the safety of banks. Addressing a conference, Dimon, who leads the largest U.S. lender, expressed his discontent with overlapping or poorly conceived rules regarding capital requirements, card payments, and open banking.

Dimon, 68, emphasized the need for banks to resist regulatory pressures, stating, "It's time to fight back." He noted that many banks fear retribution from regulators if they challenge them. "I've been told by people at the Fed that because of what I've said and written, they're coming after me," he added.

He disclosed that JPMorgan is suing regulators repeatedly due to what he deems unfair and unjust rules that adversely affect companies and lower-paid individuals. Dimon pointed to the upcoming proposals under the Basel III endgame, warning that the details of these proposals would be crucial. The U.S. regulators proposed in July 2023 to align their standards with the Basel Committee on Banking Supervision to enhance the industry's resilience against economic shocks.

Dimon criticized several aspects of the Basel framework, including the capital surcharge for globally systemic important banks, calling it among the "stupidest" elements, and labeled the operational risk calculations as "ridiculous." He also identified "inconsistencies" in the liquidity coverage ratio. He argued that the regulatory landscape lacks a comprehensive approach to improving the banking system.

Dimon, who has been considered for senior positions in U.S. economic policy, including Treasury secretary, has not publicly endorsed any presidential candidates. Despite this, he has been vocal about what qualities the next president should have. He stressed that the current regulatory environment has compelled JPMorgan to consider legal challenges, drawing laughs and applause when he stated, "If you're in a knife fight, you better bring a knife and that's where we are."

The CEO also called out card-issuing financial services firms, like American Express, Capital One, and Discover Financial Services, criticizing their ability to charge more for debit card transactions compared to banks. He deemed it "grossly unfair" given the restrictions banks face on debit card fees.

In addition, Dimon took aim at the recent rules from the Consumer Financial Protection Bureau (CFPB) meant to facilitate easier switching of financial service providers by consumers. Although he voiced support for the concept of open banking, he raised concerns about potential compromises to consumer data security and the risk of fraudulent money transfers, vowing to fight against these regulations.