Jamie Dimon, CEO of JPMorgan Chase, delivered a scathing critique of recent U.S. financial regulatory initiatives, arguing that new proposals targeting capital requirements, card payments, and open banking could destabilize the industry. Speaking at a high-profile event, Dimon stated that it’s “time to fight back,” arguing that excessive regulation could hurt innovation, raise consumer costs, and erode U.S. banking’s global standing.

Dimon voiced particular concern over the heightened capital requirements being considered by the Federal Reserve and the FDIC. These changes aim to ensure banks hold more in reserves to absorb shocks, particularly after recent financial disruptions. However, Dimon contended that increasing reserves significantly could restrict banks’ lending capacity, dampening growth and making American banks less competitive globally.

Beyond technical issues, Dimon expressed dismay at what he perceives as regulators’ unwillingness to engage in dialogue. He revealed that some banks avoid challenging regulatory bodies, fearing punitive responses. “Many banks are afraid to fight with their regulators because they would just come and punish you more,” he said, recounting how he himself received warnings that officials might target JPMorgan due to his public criticism.

Dimon’s remarks reflect broader industry resistance as financial giants navigate a shifting regulatory environment. Advocates of increased regulation argue that these rules are essential to stabilize the sector, particularly in response to high-profile bank collapses earlier this year. But Dimon and other industry leaders warn that over-regulation could inadvertently hinder economic growth and consumer choice.

The debate surrounding Dimon’s statements highlights the complex balance policymakers must strike between ensuring financial stability and fostering an environment conducive to growth and innovation. For Dimon, finding that balance is essential to keeping U.S. banking competitive in an increasingly globalized economy.