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Our next guest is a Republican who is demanding answers regardless -- Stalker the first to call for hearings on this JPMorgan.
Lost senator -- -- -- big concern here is are you making much ado about nothing the firms still gonna make a pile of money.
On you know it it it it it got in front it is right after it happened it did not meet it was not the systemic disaster.
Many thought it would be so.
-- so look -- that they want this is like two months worth of earnings JPMorgan the riskiest thing any bank can do is.
To make alone.
And what we all need to ensure is that these these institutions are highly capitalized this one -- this is of no risk of them are taxpayers or anybody else.
But I think what's happened -- this has happened in the middle of rules process and just as you're out last person almost -- What's happening out there -- people are beating their Chastain.
Really re reacting to perceptions that mess and the not reacting to reality and so what I'd like to do -- -- have a hearing.
Let's understand what kind of trade it was let's understand.
And they donate -- you guys settle on hearings as -- -- seems they have the Senate's conference I do not besmirch -- wears -- -- saying.
You gotta coordinated so do -- hearings themselves none other Euro Swiss -- winded as out of control.
Ought to all be out of control -- -- that we have a banking committee and you know we have regulators come down on us and we have a representative of JPMorgan and I think this will be educational young -- when we did Dodd-Frank we had one meeting one hearing on the Volcker Rule and it was really more of a personality based carrying where.
Chairman Volcker -- people respect Heyman and and expressed his point of view and that was that and then it became law.
And one of the reasons now that you're saying the regulators.
Say wait a minute this is really come -- We really don't know what to say about this is because there hasn't been declared to -- the gentleman before he was just talking about so I think again.
And the gentlemen for -- senator was worried that maybe wouldn't -- -- intentions.
You guys are gonna make this an even bigger mess you're gonna pile new regulations on top of regulation some of which was supposed to address.
The very trade in question but did not.
Why he should be worried about that from my perspective I think you know there there again there are a lot of things being sent out there for instance.
One of the things that came out was well if the Volcker Rule is fully implemented this trade would not have been permissible well this big question about that and and candidly.
I think gather regulators were divided on that question -- and -- -- so again I think we need to understand what policies we put in place.
How they interact with the kind of things that just happened that JPMorgan.
And I think it's very questionable how the policies.
That we put in place would really.
Affect any of these things and again I just would like to have the clarity that you know moments talking about before.
I didn't think without that and if they what's gonna happen and they think the regulators are gonna respond.
To the hot profile nature of this and I think they may well do some things that otherwise would not have happened so this this candidate in -- And god says senator you're you're you're an expert on those matters work down there but.
-- end -- doing more harm than good and for every time -- build a better mousetrap and the price here one.
Either on more wily mouse or smarter -- comes along.
And and and then we come.
We compounding this and for the 909%.
That never have any of these problems of bureaucracy in the regulations that come along.
With the new bureaucracy regulations.
Put them at a competitive -- a man it's so the world.
-- -- -- the -- I think you know I'd I'd did not support Dodd-Frank for the very reason you're talking about and it's almost like if you -- we have almost two separate banking world Canada.
Community banks out there that this is just doing very basic standard -- you have these other larger -- -- they're trying to respond to needs around the world that.
Domestic -- producers and manufacturers and other companies have.
And yet what we've done as a plot that regulation.
To all and there's no question that it's really.
Crashing community banks around our country so I did agree more you're saying of the -- Well I -- doesn't get out of control but senator thank you very much.
Always good saying it.
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