JPMorgan Chase & Co. (JPM:US)’s trading loss of more than $2 billion shows “that no institution is immune from bad judgment,” U.S. Senate Banking Committee Chairman Tim Johnson said in remarks prepared for a Washington hearing.
The losses disclosed last month by New York-based JPMorgan, the biggest and most profitable U.S. bank, shows the need for reforms included in the Dodd-Frank Act, said Johnson, who is leading a hearing today on the 2010 regulatory overhaul. Johnson, a South Dakota Democrat, criticized what he said were efforts by banks and Republican lawmakers to undermine the law.
“To repeal or weaken Wall Street Reform, and defund the cops enforcing it, would take us back to the days before the financial crisis of 2008,” Johnson said in his statement for the hearing, which will include testimony from representatives of the Federal Reserve, Office of the Comptroller of the Currency and Treasury Department.
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