{"id":44046,"date":"2023-08-03T13:18:36","date_gmt":"2023-08-03T17:18:36","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/jpmorgan-ceo-jamie-dimon-says-u-s-should-have-the-highest-credit-rating-in-the-world\/"},"modified":"2023-08-03T13:18:38","modified_gmt":"2023-08-03T17:18:38","slug":"jpmorgan-ceo-jamie-dimon-says-u-s-should-have-the-highest-credit-rating-in-the-world","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=44046","title":{"rendered":"JPMorgan CEO Jamie Dimon says U.S. should have the highest credit rating in the world"},"content":{"rendered":"
\n

JPMorgan Chase & Co.
\n JPM,
\n +0.86%<\/bg-quote>
\n Chief Executive Jamie Dimon says proposed capital requirements for banks would make small-business loans more expensive and make it harder for people with lower credit scores to get mortgages.<\/p>\n

Also, the economic issues cited in a closely-watched downgrade of U.S. debt by Fitch Ratings have already been widely seen by investors and reflected in financial markets, he said Wednesday in an interview with CNBC.<\/p>\n

\n

Also read:<\/strong> Fitch cuts U.S. credit rating: Here\u2019s what you need to know<\/p>\n

Dimon remains more worried about geopolitical uncertainty around the war in Ukraine as well as efforts by the U.S. Federal Reserve to fight inflation by hiking interest rates and reducing its balance sheet in a policy known as quantitative tightening.<\/p>\n

Dimon told CNBC it\u2019s \u201cridiculous\u201d that the U.S. has a lower debt rating than countries such as Canada that benefit from the U.S.\u2019s military umbrella.<\/p>\n

\u201cThis is the most prosperous nation on the planet\u2026with the best military, the best economy,\u201d Dimon said. \u201cIt should be the highest-rated credit in the world.\u201d<\/p>\n

The downgrade from Fitch Ratings \u201cdoesn\u2019t really matter than much\u201d because the markets decide the value of U.S. debt and other securities, not the ratings agencies, he said.<\/p>\n

The debt ceiling should be abolished because it\u2019s used as a political tool by both parties and eliminating it would create more stability in the economy, Dimon said.<\/p>\n

Dimon held up a chart to the TV camera showing the myriad, interlocking federal agencies that enforce hundreds of rules on banks and said the U.S. consumer would probably be better off if banks faced fewer requirements.<\/p>\n

\u201cThere\u2019s a lack of transparency [of rules] made by lot of people in ivory towers,\u201d he said. \u201cThey\u2019ve never been in the real world. I\u2019d like to see them in the boxing ring.\u201d<\/p>\n

Dimon cited a 1992 letter to the Wall Street Journal by onetime presidential candidate and U.S. Sen. George McGovern entitled, \u201cA Politician\u2019s Dream is a Businessman\u2019s Nightmare\u201d on the realities of running a small inn.<\/p>\n

Dimon\u2019s comments came after the Federal Reserve and the FDIC proposed higher capital requirements for banks.<\/p>\n

Regulators need to spend more time \u201crecalibrating\u201d rules to make them less burdensome instead of issuing new regulations, he said.<\/p>\n

Dimon reiterated recent comments about the health of the U.S. economy and said U.S. consumers continue to spend.<\/p>\n

He supports a doubling of the earned income-tax credit as a way to help low- and moderate-income families.<\/p>\n

Asked if he would care to shape public policy, Dimon said \u201cNo,\u201d but added that banks and other businesses should promote measures to help the economy.<\/p>\n

JPMorgan Chase and other companies have to be prepared for multiple outcomes in the economy including higher inflation or the 10-year Treasury note
\n TY00,
\n -0.42%<\/bg-quote>
\n reaching a 5% yield, he said, adding he has \u201cenormous respect\u201d for Fed Chair Jerome Powell.<\/p>\n

Dimon praised the recent acquisition of PacWest Bancorp
\n PACW,
\n +0.66%<\/bg-quote>
\n by Banc of California
\n BANC,
\n +0.72%<\/bg-quote>
\n and said the regional-bank crisis is over.<\/p>\n

JPMorgan Chase could pay more than $2 billion to the FDIC to replenish its insurance fund after the collapse of Silicon Valley Bank. Bank of America Corp.
\n BAC,
\n +1.00%<\/bg-quote>
\n and Wells Fargo & Co.
\n WFC,
\n +1.20%<\/bg-quote>
\n have said they will pay a combined $3.7 billion, he said.<\/p>\n

While further consolidation between banks is possible in the sector, JPMorgan Chase has no immediate plans to buy another bank as it absorbs its acquisition of First Republic Bank, as announced on May 1, he said.<\/p>\n

The interview marked Dimon\u2019s return to the bully pulpit after the bank\u2019s second-quarter profit beat expectations on July 14 when he said the U.S. consumer remains in \u201cgood shape.\u201d<\/p>\n

Dimon also told The Economist on July 11 that he didn\u2019t agree with all of the Biden administration\u2019s economic policies.<\/p>\n

Also read: <\/strong>Jamie Dimon says U.S. consumers are in \u2018good shape.\u2019 Evidence says he\u2019s wrong.<\/p>\n

Hedge-fund manager Bill Ackman last month repeated his call for Dimon to run for president, but so far Dimon has said he has no plans to do do.<\/p>\n

Also Read:<\/strong> JPMorgan CEO Jamie Dimon sees \u2018a lot of underlying inflation,\u2019 rates at 6% in a recession<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

JPMorgan Chase & Co. JPM, +0.86% Chief Executive Jamie Dimon says proposed capital requirements for banks would make small-business loans more expensive and make it harder for people with lower credit scores to get mortgages. Also, the economic issues cited in a closely-watched downgrade of U.S. debt by Fitch Ratings have already been widely seen […]<\/p>\n","protected":false},"author":1,"featured_media":44047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-44046","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nJPMorgan CEO Jamie Dimon says U.S. should have the highest credit rating in the world | iFintechWorld<\/title>\n<meta name=\"description\" content=\"JPMorgan Chase & Co. 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