JPMorgan Losses Fuel D.C. Debate

Schapiro tells Senate committee that the SEC is looking at bank’s financial disclosures.

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 today, as Democrats and chairman of the Commodity Futures Trading Commission used the losses to argue for the 2010 Dodd-Frank Act rules, including a ban on proprietary trading by banks.

CFTC Acting

Gensler, who in his remarks again confirmed the agency’s enforcement division had opened an investigation into the losses, said there is a “great deal of consistency” between the CFTC’s timeline on clearing rules and the time frame of regulators in Europe and Japan.

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