The top bosses of JPMorgan, Morgan Stanley, Citigroup and other Wall Street banks will warn lawmakers that capital hikes and new regulations will hurt the economy, according to prepared congressional testimony published on Tuesday. The CEOs of the country's eight largest banks will appear before the Senate Banking Committee on Wednesday. The Basel rule, being drafted by bank regulators led by the U.S. Federal Reserve, would "unjustifiably and unnecessarily" increase capital requirements by 20% to 25% for the largest banks, forcing them charge more for services or stop offering them altogether, Dimon will warn.
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ALBAWABA – Financial leaders from Wall Street in Riyadh, Saudi Arabia, attending the Future Investment Initiative conference on Tuesday, warned that 202