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JPM trading loss erodes reform attack-Rep Frank
WASHINGTON May 11 (Reuters) - Representative Barney Frank said that JPMorgan Chase & Co's shock trading loss of at least $2 billion from a failed hedging strategy will undermine the bank industry's efforts to fight reforms.
"This regrettable news from JPMorgan Chase obviously goes counter to the bank's narrative blaming excessive regulation for the woes of financial institutions," said Frank, a Democrat who co-authored the 2010 Dodd-Frank financial reform law designed to avoid a repeat of the recent credit crisis.
"The argument that financial institutions do not need the new rules to help them avoid the irresponsible actions that led to the crisis of 2008 is at least $2 billion harder to make today," Frank said in a statement.
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