JPMorgan Chase & Co.'s $2 billion trading loss hasintensified the call for tighter regulation in Washington, withpresidential campaign officials weighing in alongside lawmakers inresponse to the bank's disclosure.
Any progress by financial-industry lobbyists in securing changesto the Dodd-Frank Act's proprietary-trading ban may have beenhalted with yesterday's announcement by Jamie Dimon, JPMorgan'schairman and chief executive officer, said Representative BarneyFrank, the Massachusetts Democrat who co- wrote the regulatoryoverhaul.
“They sensed some momentum in undercutting things, but thisstrengthens our case strongly politically,” Frank said today in atelephone interview. “It tears a lot of holes in Jamie'sarguments.”
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