JPMorgan's Dimon says regulators should not set 'false' capital requirements

The agencies are working to finalize numerous capital proposals, including the Basel rules on risk weights and the GSIB surcharge, which is an added capital layer imposed on the nation's largest and most critical banks. Banks and other interested parties have submitted formal comment letters to the agencies, flagging issues including what banks see as double-counting of some risks and a new capital charge on unused credit lines.

Fed Vice Chair for Supervision Michelle Bowman has said she hopes to wrap up the rule-writing effort by the end of this year.

The proposals, unveiled in March, are much more industry-friendly than a 2023 draft unveiled by Democratic regulatory officials, which withered on the vine amid industry opposition and the transition to President Trump's administration. Nevertheless, Dimon has become a loud critic, particularly of how the GSIB surcharge is calculated.

He advocated again on Tuesday for the Fed to change the surcharge's calculation so that it fully accounts for economic growth since the central bank imposed it in 2015, which would in turn reduce, on paper, lenders' footprint in the economy and the resulting charge.