Top House Republican Questions JPMorgan Uproar

Law360, New York (May 16, 2012, 7:23 PM EDT) -- A top House Republican on Wednesday backed JPMorgan Chase & Co. following the bank's surprise $2 billion trading loss, even as other members of his party suggested that increased capital requirements were necessary for too-big-to-fail banks.

Rep. Spencer Bachus, R-Ala., said at a hearing of the House Financial Services Committee's Subcommittee on Financial Institutions and Consumer Credit that calls to increase regulation of big banks, including strengthening the Dodd-Frank Act's ban on proprietary trading, in the wake of JPMorgan's May 10 announcement were misguided.

“Because of...
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