News Summary: JPMorgan loss seen raising questions

AP News
Posted: May 16, 2012 6:29 PM
News Summary: JPMorgan loss seen raising questions

BIG JPMORGAN LOSS CITED: A key House Republican says the $2 billion trading loss at JPMorgan Chase raises critical questions about how banks control risks. Republican lawmakers reject Democrats' calls for stricter oversight of Wall Street.

WRESTLING WITH REGULATION: Rep. Shelley Moore Capito, R-W.Va., chairman of a House Financial Services subcommittee, noted the trading loss during a hearing about how best to regulate big banks that could bring down the broader financial system.

NOT ONE-SIZE-FITS-ALL: Lawmakers said a firm's characteristics should count when regulators determine if they are "systemically important financial institutions" and decide on stricter requirements for them.