J.P. Morgan 'reinforces' Dodd-Frank need: Carney

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J.P. Morgan 'reinforces' Dodd-Frank need: Carney
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) -- President Obama's spokesman Jay Carney on Monday said J.P. Morgan's $2 billion trading loss reinforces the need for the Dodd-Frank bank reform law and for its full implementation. "Ever since it's passed, there's been millions and millions of dollars spent by Wall Street lobbyists to try to water down, delay and render ineffective the rules that need to be put into place. The President has fought back. And I think that this event merely reinforces why the President was right to take on this fight and why we still need to make sure it's implemented," Carney told reporters on Air Force One, according to a transcript provided by the White House. When asked, he didn't say whether J.P. Morgan CEO Jamie Dimon was among those who resisted Wall Street reform.