JPMorgan CEO: Basel Capital Rules "Anti-American"

JPMorgan Chase CEO Jamie Dimon has criticized international banking regulations as being "blatantly anti-American," referring to capital rules outlined in the global Basel III standards.

The regulation calls upon all banks to hold a minimum amount of their assets at home - a figure that is higher for large financial institutions such as JPMorgan, Citigroup and Bank of America. The measure was adopted in response to the financial collapse of 2008 and intended to offer a "capital cushion" in the event of market crises such as the one that led to the global economic recession.

"I'm very close to thinking the United States shouldn't be in Basel any more," Dimon said in an interview with the Financial Times. "I would not have agreed to rules that are blatantly anti-American."

Dimon argues that such regulations limit the "too big to fail" banks in their pursuit of profits, whether through loans or investments, CNN Money reports.

"Our regulators should go there and say: 'If it's not in the interests of the United States, we're not doing it,'" he added.

Dimon occasionally meets with President Barack Obama as a financial and economic consultant.