JPMorgan Chase & Co.'s $2 billion trading loss has intensified the call for tighter regulation in Washington, with presidential campaign officials weighing in alongside lawmakers in response to the bank's disclosure.
Any progress by financial-industry lobbyists in securing changes to the Dodd-Frank Act's proprietary-trading ban may have been halted with yesterday's announcement by Jamie Dimon, JPMorgan's chairman and chief executive officer, said Representative Barney Frank, the Massachusetts Democrat who co- wrote the regulatory overhaul.
“They sensed some momentum in undercutting things, but this strengthens our case strongly politically,” Frank said today in a telephone interview. “It tears a lot of holes in Jamie's arguments.”
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