'We’ve spoken to the regulators and I think they’re quite bright and they’ll look at this. And they should do it before the crisis happens—because it will happen.' -- Jamie Dimon
JPMorgan Chase & Co CEO Jamie Dimon said Friday that the turmoil in the plumbing of the financial system last month may be precursor of a bigger crisis if the Federal Reserve doesn’t learn from the experience.
JPMorgan JPM, +0.17% has $120 billion parked at the Fed now, Dimon said. The balance regularly goes down to $60 billion, but not much below that level because of regulatory rules. ‘We’ve spoken to the regulators and I think they’re quite bright and they’ll look at this. And they should do it before the crisis happens—because it will happen.’ Jamie Dimon On a conference call to discuss its third-quarter results last week, Dimon made similar comments about regulatory restraints, saying that rules in place restricted the behemoth money-center lender from providing short-term funding to the broader market.
“Banks hit that limit [in the repo market] and couldn’t deploy liquidity. The same issue will happen eventually in the big liquidity thing - the $4 trillion,” when markets become volatile, he said.
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