JPMorgan Loss Throws Republican Lawmakers Off Balance
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Republicans in the U.S. Congress were uniting behind a call to repeal all or part of the 2010 financial regulatory overhaul. Since JPMorgan Chase & Co. announced its $2 billion trading loss earlier this month, that front has splintered.
Some are seeking investigations, with Senator Mike Crapo of Idaho among those calling on JPMorgan Chairman and Chief Executive Officer Jamie Dimon to testify, which he has agreed to do. Senator Richard Shelby of Alabama, the Banking Committee’s top Republican, said the loss emphasizes the need for capital standards for banks tougher than what the overhaul requires. Senator Lamar Alexander of Tennessee says Congress has no business getting involved.