Congress Demands Bank Regulations

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.