May 11, 2012
WASHINGTON – Senator Tim Johnson (D-SD), Chairman of the Senate Banking Committee, released the following statement in reaction to news of J.P. Morgan’s $2 billion trading loss.
"The unfortunate news of J.P. Morgan's $2 billion trading loss confirms two things. First, the good: Market reaction so far shows that the financial system and the bank itself are stronger today than in 2008, thanks to improvements adopted after the financial crisis including the Wall Street Reform Act. Second: The fact that this can happen at a bank with a solid reputation like J.P. Morgan is evidence that our banking regulators must remain vigilant, and why opponents of Wall Street reform must not be allowed to gut important protections for the financial system and taxpayers.”