Jamie Dimon, CEO of JPMorgan Chase, is working on a debate over how and why some American citizens and businesses are being kicked out of the banking system.
After meeting with a Republican lawmaker in Washington, D.C. on the subject of “getting away,” Dimon told reporters that Chase never drops clients to religious or political affiliations.
Instead, Dimon said the unclear federal guidelines, particularly around anti-money laundering rules, would force banks to deny service due to fear of compliance. Report Yahoo Finance.
When the regulators clearly asked if it was due to the decutting, Dimon replied, “Almost, yeah.”
“There's a lot to fix. [Anit-Money laundering laws] It was extraordinary and many people were kicked out of the system because the banks were afraid of being sued and fined.
Dimon's remarks accused President Trump of mistakenly denying access to conservative bank accounts after attacking Bank of America and JPMorgan Chase during a virtual World Economic Forum session.
Republican lawmakers are now pushing legislation that clearly explains when banks can and can refuse services for their clients.
The list of bankers included in the Closed Door Conference in Washington included Bank of America CEO Brian Moynihan, Wells Fargo CEO Charles Scharf, one capital Richard Fairbank, and several other large financial institutions.
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