The loss came at a particularly inopportune time for Dimon, who has been critical of Washington's attempts to reform Wall Street. The trading blunder is expected to diminish banks' ability to push back against the forthcoming Volcker rule, which will ban banks from making speculative bets with their own funds.
Lawmakers are lining up a series of hearings to get more details on how both JPMorgan and regulators handled the trades, and whether reforms currently being finalized need to change to address any underlying threat revealed by the trades.
At a hearing earlier this week, the Senate Banking Committee questioned the heads of the Securities and Exchange Commission and the Commodity Futures Trading Commission on what they knew about the now infamous trades, and what their probes will focus on.
Both agencies, as well as the FBI, are investigating the losses. SEC Chairman Mary Schapiro said her agency is looking at the appropriateness and completeness of JPMorgan's financial reporting.
CFTC Chairman Gary Gensler said his agency has the authority to look into the trades "under our anti-fraud and anti-manipulation regime."
Both regulators noted they are not the primary regulators of the bank.
What regulators knew, and when, promises to be a subject of more intense scrutiny on June 6 when the Federal Reserve and the Office of the Comptroller of the Currency appear before the Senate Banking Committee.
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