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White House / White House

Obama Makes Case for Wall Street Reform

photo of Alexandra  Jaffe
May 14, 2012

Correction: An earlier version of this article mischaracterized President Obama's remarks regarding JPMorgan CEO Jamie Dimon. Obama's remarks were supportive.

President Obama on Monday said that the $2 billion lost by JPMorgan Chase in an investment bet gone wrong underscored the necessity of the financial-sector reform law he signed two years ago.


In an interview forThe View taped on Monday just hours after a JPMorgan Chase Chief Investment Officer Ina Drew announced her retirement, Obama held up the law, known as Dodd-Frank financial reform, as designed to curtail such losses, according to ABC. And he defended JPMorgan CEO Jamie Dimon, who has been shelled by Democrats in the wake of last week's revelation.

“JPMorgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got and they still lost $2 billion and counting,” Obama said in the spot, which will be aired on Tuesday morning. “We don’t know all the details. It’s going to be investigated, but this is why we passed Wall Street Reform.”

Obama contrasted such reform efforts with criticism of the law by Mitt Romney, who has come under fire for his time as an executive with venture-capital firm Bain Capital. Romney and other Republicans have pointed to Dodd-Frank as an example of unnecessary government interference.

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