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Senate banking committee to hold hearings on JPMorgan loss

JPMorgan Chase's spectacular overseas losses have caught the attention of the federal Senate Banking Committee, who hope to avoid stateside losses.

By Staff Writer | Updated on May 14, 2012

A day after JPMorgan Chase announced that it would suffer $2 billion in surprise losses incurred by the bank’s chief investment office in London, Sen. Bob Corker, R-Tenn., a member of the Senate Banking Committee, called on Sen. Tim Johnson, the committee’s chairman, to hold a hearing on the issue.

Johnson responded on Monday that his committee plans to hold “over the next few weeks” a series of hearings that will cover various issues, including financial stability issues like the JPMorgan losses, money-market funds and the economic situation in Europe, as well as oversight hearings with key financial regulators from the Securities and Exchange Commission, Commodity Futures Trading Commission and Federal Reserve on the implementation of Dodd-Frank reform.

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