JPMorgan's Losses Become Tool in Dodd-Frank Rules Debate
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U.S. lawmakers and regulators are seizing on the more than $2 billion in losses disclosed by JPMorgan Chase & Co. to bolster their positions in the nearly two-year-old debate over Wall Street’s rules.
The Senate Banking Committee was the flash point for the debate yesterday, as Democrats and the chairman of the Commodity Futures Trading Commission used the losses to argue for the strict implementation of the 2010 Dodd-Frank Act rules, including a ban on proprietary trading by banks. That argument may shift to lawmakers and regulators pushing to go beyond President Barack Obama’s financial regulatory overhaul.