Congress Demands Bank Regulations

    NEW YORK, NY - MAY 07:  Chairman and CEO, JPMorgan Chase & Co, James "Jamie" Dimon speaks during An Evening With the Fortune 500 at the New York Stock Exchange on May 7, 2012 in New York City.  (Photo by Jemal Countess/Getty Images for Time)

    Jemal Countess / Getty Images

    As JPMorgan announced a $2 billion trading loss, Congress members called for federal regulators to scrutinize and tighten banking rules and trades. New rules are being drafted as part of the Dodd-Frank bill that prevent federal banks from making investments that might put taxpayers at risk. “The argument that financial institutions do not need the new rules to help them avoid the irresponsible actions that led to the crisis of 2008 is at least $2 billion harder to make today,” said Democratic Rep. Barney Frank.

    Read it at The New York Times