Bank CEOs Sound Alarm on Proposed Banking Rules, Warn of Economic Impact

Wall Street CEOs, including JPMorgan's Jamie Dimon and Goldman Sachs' David Solomon, warned lawmakers that proposed financial regulations could harm lending and potentially damage the US economy. They argued that stricter legislation, such as increasing capital requirements for banks, could create risk and hurt markets. The CEOs expressed concerns about the potential adverse impact on various products and services, including green lending, commodities hedging, pension plan profits, and US Treasury market liquidity. The proposed global banking standards known as Basel III Endgame were also criticized for their negative impact on capital markets functioning. Some lawmakers expressed skepticism about the banks' motivations, while others warned of the devastating impact on small business owners.