Aspects of Dodd-Frank “Idiotic,” Says JPMorgan Chase CEO

By  |  April 5, 2011
 | 

Jamie Dimon, chairman and chief executive of J.P. Morgan Chase & Co., has certainly had his fair share of criticism for the Dodd-Frank bill and its Durbin Amendment over the past several months.

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    His assault on the sweeping financial reform legislation continued this week at the Council of Institutional Investors in Washington.

    “There are 400 rules being made now, and there are things in there that are downright idiotic,” said Dimon, according to MarketWatch. “The spinout-of-derivatives provision is ridiculous, the Durbin amendment passed in the middle of the night and had nothing to do with the crisis.”

    In addition, Dimon targeted the Financial Stability Oversight Council for creating confusion and requiring extensive voting. Click here to read more of Dimon’s comments

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