U.S. Sen. David Vitter today questioned JPMorgan Chase CEO Jamie Dimon in a U.S. Senate Banking Committee hearing to analyze what went wrong with their recent $2 billion failed trade. Vitter questioned Dimon on increasing capital standards and the Volcker Rule.
"Congress has been too focused on more financial regulations instead of smarter regulations," Vitter said. "The JPMorgan debacle makes a strong case that megabanks need a higher capital standard and smarter trading regulations in place. If the megabanks are required to have more capital, we'll either incent them to become smaller or help ensure that they can weather the next crisis without a taxpayer bailout."