JPMorgan loss could dominate bank overhaul debate

WASHINGTON (AP) - A key House committee hearing scheduled well before the $2 billion trading loss at JPMorgan Chase takes on added significance today because of the big misfire.

The House Financial Services subcommittee plans to debate how best to regulate banks big enough to bring down the broader financial system.

Democratic lawmakers and other proponents say the trades that led to the losses at JPMorgan would have violated the so-called Volcker Rule, which restricts banks from trading for their own profit. Regulators are working to finalize the rule and JPMorgan CEO Jamie Dimon has been among the most outspoken critics of it.

Some critics and lawmakers want to place limits on the amount of assets that can be held by so-called too big to fail banks.

There is also pressure to reinstate strict walls separating banking from insurance and securities business.
Most Republican lawmakers say that won't help.

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