Senator Says JPMorgan Shows No Bank ‘Immune From Bad Judgment’

JPMorgan Chase & Co.’s trading loss of more than $2 billion shows “that no institution is immune from bad judgment,” U.S. Senate Banking Committee Chairman Tim Johnson said in remarks prepared for a Washington hearing.

The losses disclosed last month by New York-based JPMorgan, the biggest and most profitable U.S. bank, shows the need for reforms included in the Dodd-Frank Act, said Johnson, who is leading a hearing today on the 2010 regulatory overhaul. Johnson, a South Dakota Democrat, criticized what he said were efforts by banks and Republican lawmakers to undermine the law.