Dimon Faces Congress On JPMorgan Chase Losses
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The CEO of JPMorgan Chase went before a Congressional committee Tuesday to answer questions about the company's $2 billion trading loss in April.
Jamie Dimon faced a grilling from the House Financial Services Committee, including several New York members of Congress.
Democrats wanted to know whether more regulation could prevent future trading losses.
Republicans said that's not the answer.
"For the amount of institutions and the amount of training and the amount of metrics that would need to be put in place to figure if something is a prob trade or not is an unrealistic goal and we're setting ourselves up for failure," said Rep. Michael Grimm of Staten Island.
"It's not possible to ensure we'll never make a mistake," Dimon said. "Anyone who's ever been in business knows you make mistakes. Hopefully they're small."
It was the second time in a week Dimon had to face lawmakers.
Last week, he went before the Senate Banking Committee.
The Securities and Exchange Commission is also investigating the trading loss.