WASHINGTON May 11 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.