WASHINGTON (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon said on Wednesday he sees "modest signs" of an economic recovery and endorsed a plan to create a U.S. systemic risk regulator.
Dimon, speaking at a U.S. Chamber of Commerce economic conference, also supports mark-to-market accounting, but banks may have applied the fair value rule "to a ridiculous point."
The mark-to-market accounting rule, which requires assets to be valued at market prices, is defended by investor advocates and some lawmakers as giving a clear picture of the assets held on banks' books. But the banking industry, which has been forced to write down billions of dollars' worth of hard-to-value assets in illiquid markets, has pleaded for a suspension or modification of the rule.
Dimon endorsed the idea of creating a U.S. systemic risk regulator, a plan proposed by U.S. Rep. Barney Frank, chairman of the House of Representatives Financial Services Committee. Frank plans a broad overhaul of U.S. financial regulation this year. more...
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