Johnson Leads Banking Hearing on JPMorgan Losses

Senator Johnson Official Photo

 

SIOUX FALLS, S.D. (AP) – Sen. Tim Johnson is questioning why the largest U.S. bank failed to have more risk controls in place, leading to more than $2 billion lost on risky trades.
Johnson is the chairman of the Senate Banking Committee. He opened a congressional hearing Wednesday in which lawmakers questioned JPMorgan Chase CEO Jamie Dimon.
Johnson says he disagrees with the notion that Wall Street reforms micromanage the operations of a large bank and regulators can’t keep up with bank innovation.
The South Dakota senator says less regulation and less supervision will not magically make the system less risky.
Johnson says Congress must demand that banks take risk management seriously and maintain strong controls, and regulators must do their job well.


Comment Disclaimer: The views and opinions expressed in the comments section of DakotaRadioGroup.com are solely those of the comment author and do not necessarily reflect the views and opinions held by DakotaRadioGroup.com.

Leave a Comment



Multimedia