this post was submitted on 07 Dec 2023
31 points (97.0% liked)

News

22890 readers
4485 users here now

Welcome to the News community!

Rules:

1. Be civil


Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.


2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.


Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.


3. No bots, spam or self-promotion.


Only approved bots, which follow the guidelines for bots set by the instance, are allowed.


4. Post titles should be the same as the article used as source.


Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.


5. Only recent news is allowed.


Posts must be news from the most recent 30 days.


6. All posts must be news articles.


No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.


7. No duplicate posts.


If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.


8. Misinformation is prohibited.


Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.


9. No link shorteners.


The auto mod will contact you if a link shortener is detected, please delete your post if they are right.


10. Don't copy entire article in your post body


For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 1 year ago
MODERATORS
 

The industry has been waging a fierce campaign to kill the "Basel endgame" proposal, which overhauls how banks must calculate their loss-absorbing capital, and as regulators roll out fair lending and fee cap regulations, among other rules.

The CEOs hoped to use the hearing as an opportunity to convince key moderate Democratic senators that the Basel rule, which is being led by the Federal Reserve, could stifle lending, hurting small businesses and consumers.

It quickly became a battle of narratives, with many Democrats casting skepticism on the industry's complaints and accusing them of over-emphasizing the risks, while Republicans and the CEOs stressed the potential adverse impact on a range of products and services, from green lending, commodities hedging, and pension plan services, to Treasury market liquidity.

"If enacted as drafted, this proposal will fundamentally alter the U.S. economy in ways that the Federal Reserve has not studied or contemplated," Dimon, CEO of the country's largest lender JPMorgan, said in his prepared testimony.

top 6 comments
sorted by: hot top controversial new old
[–] FlyingSquid@lemmy.world 41 points 9 months ago

Somehow, every financial regulation "hurts small businesses and consumers," and yet those are the people hurt most when regulations are lifted.

[–] girlfreddy@sh.itjust.works 13 points 9 months ago

Bankers shedding croc tears.

Good.

[–] bedrooms@kbin.social 5 points 9 months ago

"economic" toll

[–] Illuminostro@lemmy.world 5 points 9 months ago

Oh no... anyway...

#fuckyourdividends

[–] SeaJ@lemm.ee 4 points 9 months ago* (last edited 9 months ago)

"If enacted as drafted, this proposal will fundamentally alter the U.S. economy in ways that the Federal Reserve has not studied or contemplated..."

Going to guess the organization that employs the largest amount of economists in the world has studied it more than JP Morgan Chase Manhattan.

[–] Additional_Prune@lemmy.world 2 points 9 months ago

Dimon and Republicans are against it? Sounds like it's something good.