While it s unclear whether he ll be making a trip to Congress toatone for the loss, JP Morgan's terrible, egregious mistake hasgenerated pink slips at the highest levels of the venerable bankand put Wall Street reform and two of its most controversial provisions back on thefront burner on Capitol Hill . The Senate Banking Committee will have additional hearings in coming weeks to discusstopics including the loss at America s largest bank, the committee s chairman, Sen. Tim Johnson (D) of South Dakota , said in a statement Monday afternoon. RECOMMENDED: Top 9 reasons Congress is broken The committee hasn't made a decision about whether to inviteexecutives from JP Morgan, according to a Democratic aide. And congressional concern is bipartisan. Sen. Bob Corker (R) of Tennessee , a member of the banking committee, sent a letter to SenatorJohnson on Friday asking for hearings on the matter. I have been vocal in my belief that we need a vibrant capitalmarket for debt and equity securities and about the need forbalance in ensuring that we have a financial system that can meetthe needs of a 21st century economy, Mr. Corker wrote . That said, clearly the losses posted by JP Morgan aresignificant, and as policy makers we should understand in detailwhat has transpired. Corker raised two questions in his letter. First up: Are weconfident, Corker asks, that taxpayers are fully protected fromlosses at major financial institutions? The concern is a key one for Congress in light of the Dodd-Frank financial reform package, passed in 2010. Ever since, it has beenthe object of furious lobbying from financial institutions hopingto soften or simply stall some of its key provisions. Democrats contend that the soul of the law is its attempt to avoidtaxpayer bailouts similar to those handed out during the 2008financial crisis. JP Morgan s loss is strong evidence that having these rules ofthe road in place are essential to making sure that taxpayers don'tget left holding the bag and that poor decisions on Wall Streetdon't undermine our financial system in the way that happened in2008, said Jay Carney , White House spokesman, during a gaggle with reporters aboard Air Force One Monday. We have to remain ever vigilant. Key to that vigilance is a Dodd-Frank stipulation giving the Federal Deposit Insurance Corporation authority to wind down failed banks. Democrats argue that the estimated $22 billion cost of implementingthis provision over the next decade would be more than recouped byavoiding the type of taxpayer-funded bailouts necessary during thefinancial crisis. We are high quality suppliers, our products such as HD PVR Satellite Receiver Manufacturer , Opticum Satellite Receiver for oversee buyer. To know more, please visits HD PVR Satellite Receiver.
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