Big U.S. banks are using the recent chaos in short-term funding markets as an op...
WASHINGTON - Big U.S. banks are using the recent chaos in short-term funding markets as an opportunity to pressure the Federal Reserve to ease liquidity requirements they have long despised.
“Banks have a tremendous amount of liquidity, but they also have a lot of restraints on how they could use that liquidity and how much they have to maintain at the Fed,” JPMorgan Chase & Co CEO Jamie Dimon said at an event in Washington hosted by the Business Roundtable, a corporate trade association he chairs.by its chief economist, Bill Nelson, who said policymakers should rethink liquidity requirements imposed since the 2007-2009 global financial crisis.
Market participants said a confluence of events caused the cash crunch. Corporations withdrew funds from money-market accounts to cover their tax bills. On the same day, banks and investors used idle dollars to absorb $78 billion in U.S. Treasury notes.
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