• Video
  • Dimon Says Bankers 'Dancing in the Street' After Trump Win

Dimon Says Bankers 'Dancing in the Street' After Trump Win

Show Transcript
Bloomberg Nov 14 21:52 · 9618 Views

"They've had successive years and years of regulations, a lot of which stymied credit," JPMorgan Chase Chair and CEO Jamie Dimon says while commenting on financial regulation at the APEC CEO Summit in Peru.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

Transcript

  • 00:00 Because they have the Senate, the House
  • 00:02 and the presidency, they have far more ability to do things like that.
  • 00:05 I think last time around, President Trump had said started by saying for every new regulation, one in, two out.
  • 00:10 And I think later I said one in, five out.
  • 00:12 I think they can do some of that again.
  • 00:14 I think it will.
  • 00:15 You know, the banking industry,
  • 00:16 whether you voted for Trump or or Joe Biden, you know, a lot of bankers, they're like
  • 00:21 dancing in the street because you know that they've had
  • 00:23 successive
  • 00:24 years and years of regulations, a lot of which stymied credit,
  • 00:29 you know, and so I'm not.
  • 00:30 And you could have kept the banks equally safe,
  • 00:32 but had them do more credit.
  • 00:34 And so, like, just give an example, the average bank in America, I think the number is
  • 00:38 used to have $100.00 of deposits and $100.00 of loans.
  • 00:41 And now it's $100.00 of deposits at $65 of loans.
  • 00:44 And if, if that's what you want, if for some reason the regulars think they're geniuses, that's the best way to run the banking system, so be it.
  • 00:50 But I, I think they did a lot of things that ended, ended in that answer, but they didn't know that was going to be the outcome.
  • 00:55 So
  • 00:55 and I think the other,
  • 00:56 you could talk to any industry
  • 00:58 and they'll give you examples of regulations that could be reduced to make it easier for them to do business while keeping the country safe, while keeping the air clean, you know, while making sure the EPA does its job, etcetera.
  • 01:09 So I applaud them.
  • 01:10 They should be looking at those things.