Zhitong Finance learned that this week, at a solemn annual conference hosted by Barclays Group, senior banking industry executives took turns discussing a proposal to force them to hold more capital. In response, Wall Street executives are annoyed by the new regulations on capital requirements. Although this is not unusual, they rarely show this clearly.

The outspoken JPM (JPM.US) boss Jamie Dimon was particularly tough, calling one of the key calculations in the new plan “foolish.” He spoke fiercely many times while discussing the proposals, and predicted that his complaints would have no impact because regulators “will do what they want no matter what.” Dimon criticized recent proposals for new capital rules made by US regulators, warning that they could make bank stocks lose investment value and cause borrowers to pay higher fees for loans.

Dan Simkowitz, head of investment management at Morgan Stanley (MS.US), called it “not in line with the real world.” David Solomon, CEO of Omo, said, “I don't think these rules make sense.”

This is an unusually strong and unanimous public denunciation, as the US financial industry is preparing to fight the biggest capital rules reform since the Dodd-Frank Act. When Wall Street executives expressed their views at the Barclays conference, six industry groups, including the American Banking Policy Research Institute and the American Bankers Association, wrote to regulators asking them to draft new proposals.

A number of industry groups representing Wall Street companies told US regulators that regulators should put forward new proposals on a package of bank capital rules. The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of Monetary Supervisory Control (OCC) revealed in July that they plan to impose stricter capital requirements on large banks, forcing them to increase capital buffers to absorb unexpected losses. However, the Banking Policy Research Institute and the US Chamber of Commerce said on Tuesday that the package should be reintroduced because it is alleged that these rules are in violation of the law by relying on data and analysis that these institutions have not yet disclosed. They want these agencies to supply all the missing materials.

The Federal Reserve, the Federal Deposit Insurance Corporation, and the US Monetary Authority said in July that they wanted to force banks with assets of at least 100 billion US dollars to increase buffer capital. The eight largest of these banks are expected to increase buffer capital by 19%. The long-awaited reforms relate to the Basel III Agreement, an international reform initiated in response to the 2008 financial crisis.

Companies, consumer rights advocates, and any other stakeholder have months to weigh, and not everyone is as pessimistic as Damon about the repetition with regulators. Simkowitz said, “Some comments from regulators say they are quite open to finding the right answers to the economy. There is no consensus on what this rule will look like and how it will be introduced. So we're in a period of real contact.”