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.
"The company's massive trading loss is a stark reminder of the financial crisis of 2008 and the necessity of Wall Street reform," said Senator Tim Johnson, a South Dakota Democrat and chairman of the Banking panel, said.
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