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Senate summons JPMorgan Chase CEO to Washington

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    Lawmakers hold hearing into $2 billion trading loss

  • Duration 2:39
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Well hearing is under -- right now in DC into that multi billion dollar trading loss at JPMorgan Chase the senate banking committee is looking into whether this is a sign.

That Wall Street banks need tougher oversight lot of different opinions on Peter Barnes is live in Washington with more Peter.

By -- that's the first of three hearings and of that stunning two billion dollar trading loss to JPMorgan Chase the senate banking committee will hear from CEO Jamie diamond.

At a later hearing sometime in the next few weeks we believe.

Today two top regulators are in the hot seat Gary Gensler the chairman of the commodities futures trading commission.

And Mary Schapiro.

The chairman of the Securities and Exchange Commission.

Both agencies have opened preliminary investigations.

Into the bank's losses.

-- circumstances of this nature where the activity does not appear to have occurred in one of our regulated entities.

The SEC would be primarily interested in and focused on.

-- appropriateness and completeness of the entities financial reporting and other public disclosures.

Now the senators on the regulators are getting into the weeds on some of this of these have.

Have financial reform rules but the JPMorgan loss has triggered a partisan election year debate over.

Whether or not these rules should be -- for Democrats say this proves they should be in want to proceed.

With a tough financial reform rules but Republicans are saying.

Well wait a minute if these rules are so terrific how come you -- did not learn about this these losses until you read about them.

In the newspaper.

Jenna and -- Damaged their banks and say that their financial stability of their bank or the financial stability of the entire system so.

You know what are you watching -- you continue to report out this story where it goes from here and what the potential ripple effects might be.

Well it's certainly going to have an impact on the rule making which is ongoing a lot of the rules under Dodd-Frank financial reform that what.

Require more transparency.

That would require.

More open trading on exchanges for example of these infamous credit default swaps that they at the at the root of this trading loss for JPMorgan Chase.

This is definitely gonna have an impact on whether those rules turnout.

Tougher or easier on financial -- -- such an important point I think we all think that all the -- regulations already sat in stone but it's actually being developed probably right as we speak Peter very good point it is Peter -- -- Fox Business thank you.

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