JPMorgan Chase Chairman and CEO Jamie Dimon called the current state of banking regulation under the Biden-Harris administration an “assault” at an annual convention Monday.

The 68-year-old leader who leads the largest American lender, criticized what he called “overlapping” rules on capital requirements, card payments and open banking, in conversation with BA chief executive Rob Nichols.

“It’s time to fight back,” Dimon said at the conference. Many banks are afraid to “fight with their regulators, because they will just come and punish you more,” he added.

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Jamie Dimon, CEO of JPMorgan Chase & Co., said it was “time to fight back” against regulators. (Photographer: Chris Ratcliffe/Bloomberg via Getty Images / Getty Images)

Dimon’s message echoed the convention’s opening remarks delivered by Nichols.

“I am happy to announce that American banks are solid, well-capitalized and resilient,” Nichols said. “Despite a tsunami of ill-advised regulatory changes that have forced our industry into reverse. »

“As you know, our advocacy efforts have been focused on challenging many of these new rules using facts and data to show that these changes will cause significant harm to American consumers and the economy in his whole,” he added.

Nichols went on to say that the ABA is involved in five active litigation cases against federal and state agencies.

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Jamie Dimon, Chairman and CEO of JPMorgan Chase, testifies during a Senate Banking Committee hearing at the Hart Senate Office Building December 6, 2023 in Washington, DC. (Win McNamee/Getty Images / Getty Images)

“We keep suing our regulators because things are getting unfair and unjust, and they’re hurting businesses. A lot of these rules are hurting lower-paid individuals,” Dimon said.

Banks are awaiting new proposals under so-called Basel III, a proposal from U.S. regulators in July 2023 to align their standards with those of the Basel Committee on Banking Supervision to help the sector better absorb economic shocks by requiring banks to maintain a higher amount. of capital.

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The Federal Reserve’s chief regulatorMichael Barr, presented a plan last month to increase the capital of big banks by 9%, softening the previous proposal to increase capital by 19%. This was a major concession to Wall Street banks that had lobbied to water down the plan.

“We don’t want to get involved in litigation just to make a point, but if you’re in a knife fight, you better bring a knife and that’s where we are,” Dimon said.

Reuters contributed to this report.