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Capitol Hill Takes Swipe at Banking Misstep

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  • Description

    FBN’s Rich Edson with the government’s reaction to J.P. Morgan’s bad bet.

  • Duration 1:43
  • Date

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This transcript is automatically generated

Politicians -- time wasting little time taking a swipe at JPMorgan.

As fox -- protests and reports using the two billion dollar -- -- -- That the bulk or ruled it needs to be tougher rich.

Yes on this one coming and for supporters of stronger banking regulation is is around of I told you so one of the authors of the Volcker rules legislative language senator Jeff Berkeley.

There is spokesperson says I think this speaks for itself this is precisely why -- in Berkeley -- provisions.

Prohibit portfolio hedging.

And -- the regulators need to put in place a strong Volcker Rule immediately others say this goes beyond the Volcker Rule and say JPMorgan's announcement.

Is a frightening reminder banks are still too large and too risky Dennis Keller better markets.

Rights too big to fail banks like JPMorgan with trillions of assets and trillions more in high risk investments and trading.

Require regulation and transparency this is yet another example of the need for the more than 700 trillion -- derivatives market.

To be brought into the light of financial regulation JPMorgan's primary regulators the Federal Reserve in the SEC have no comment.

Administration official tells Fox Business it's fair to say this underscores the value of moving toward reform.

As well as the importance of safety and soundness reforms going forward support not take our foot off the gas.

In the implementation of Dodd-Frank and that's the most consequential fight here the senate.

Could always have hearings on this though no new law in response to this is very unlikely this is.

About influencing regulators they have the authority to really curb trading here.

And the writing those rules right now they are due out this summer.

Back to you thanks -- it.

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