Carney: JPMorgan Loss Reinforces Why Wall Street Reform Is Necessary

JPMorgan Chase’s $2 billion loss shows that Wall Street needs to be better regulated, said White House press secretary Jay Carney on Monday.

“This event only reinforces why it was so important to pass Wall Street reform and why it is so important to fully implement Wall Street reform,” Carney told reporters.

Carney noted that the $2 billion loss affects the bank and its shareholders, not average Americans, and that the goal of Wall Street reform legislation is to prevent a repeat of the 2008 financial crisis.

“It is amazing that--given the events that we have seen over the last few days--that there are still those who are out there arguing that we should repeal Wall Street reform, that we should let Wall Street write its own rules again,” Carney said.

JPMorgan Chase CEO Jamie Dimon said Sunday on NBC’s Meet the Press that he’s tired of the administration’s “antibusiness” policies. Dimon, a longtime Democrat, has been a leading opponent of some aspects of the Dodd-Frank law and of the Volcker rule.

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