Wall Street CEOs Caution New Banking Rules Could Hurt Lending and Economy
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Wall Street CEOs warned new financial rules could hurt lending and the US economy by requiring banks to hold more capital. Jamie Dimon said it "will fundamentally alter the US economy."
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The warnings come after some regional bank failures this year. New global banking standards (Basel III) have been proposed to add stability.
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CEOs said new rules could negatively impact green lending, commodities, pensions, and Treasury market liquidity.
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Bank CEOs argued the rules are unnecessary, could hurt small businesses and homebuyers, and banks are already well capitalized.
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Democrats voiced skepticism that banks are motivated by more than profits, while Republicans said new rules could have a "devastating impact."