New international bank capital standards are excessive and may impede economic growth, JPMorgan Chase Chief Executive Jamie Dimon warned on Tuesday

It will stifle economic growth and I already believe it is, said Dimon, who was speaking at the annual spring meeting of the Council of Institutional Investors.

The new Basel III rules being phased in over several years from 2013 will roughly triple to 7 percent the minimum core capital a bank must hold to withstand shocks and spare taxpayers from footing the bill in the next financial crisis.

Large internationally active banks will also likely have to hold an additional amount of capital to better prepare them for another global shock.

In his remarks on Tuesday, Dimon also warned of the anti-competitive effects of the Dodd-Frank Wall Street reform law,

He said new rules being developed for the roughly $600 trillion over-the-counter derivatives market could drive business oversees. He voiced similar criticisms of the derivatives rules last week at a U.S. Chamber of Commerce event.

He also said he felt that the new U.S. risk council, the Financial Stability Oversight Council required by the Dodd-Frank law, lacks teeth.

Dimon paid a visit to Washington, D.C., in the same week that Democrats and Republicans are working to try to strike a deal on the 2011 budget to ensure the government does not shut down when a temporary measure expires at midnight on Friday. Republicans are pushing for major cuts to help reduce the U.S. deficit.

Dimon told the audience that he feels higher taxes for the wealthy should be an option in the budget debate.

(Reporting by Dave Clarke; Editing by Tim Dobbyn)

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