Senators weigh JP Morgan loss and its impact on Dodd-Frank

The more than $2 billion trading loss suffered by JP Morgan Chase & Co. was the prime topic of discussion as the Senate Banking Committee launched a series of hearings on the rollout of the Dodd-Frank Act. Lawmakers quizzed the leaders of the Securities and Exchange Commission and the Commodity Futures Trading Commission on the JP Morgan matter, and its possible impact on the eventual scope of the Volcker Rule and the cross-border application of Dodd-Frank’s derivatives provisions.