Financial Services Committee Chairman Spencer Bachus released the following statement on the Committee's plan to hold a hearing on the JPMorgan Chase trading loss that was disclosed last week:
"More facts about the trading loss by JPMorgan Chase are coming out every day. We know more today than we did yesterday, and we will know more tomorrow and in the coming days as new information comes to light. The Financial Services Committee will hold a hearing on the public policy implications of this trading loss, but we will not rush into a hearing simply to chase headlines. This will give the Committee and the regulators time to gather all the facts, do our homework and then have a serious hearing on this subject. One issue our hearing will address is the need for greater coordination between U.S. and U.K. regulators since many of our largest financial institutions maintain a significant percentage of their overseas holdings in the United Kingdom, and the JPMorgan trades in question were executed from the firm's London office. In the interim, our committee is holding several other hearings that will give members opportunities to hear from and question witnesses, including regulators, on this trading loss," said Chairman Bachus.