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Financial Services Committee

June 19, 2012 - House Financial Services Committee hearinf entitled "Examining Bank Supervision Risk Management in light of JP Morgan's Trading Losses."

While the losses at JP Morgan did not constitute a systemic event nor did they significantly affect the financial health of the institution, the Chairman defended the importance of the hearing because the losses were substantial and resulted from a failure of the US's largest bank's risk control apparatus. The Committee also wanted to know why five different regulatory agencies were unaware of the losses until they were briefed by the institution.