White House: JPMorgan Debacle Underscores Need for More Oversight

Politics Reuters

The Wall Street Bull sculpture in lower Manhattan is seen facing up Broadway, two blocks south of where Dominique Strauss-Kahn is living under house arrest at 71 Broadway, in New York City May 20, 2011. REUTERS/Mike Segar (UNITED STATES - Tags: CRIME ... LAW BUSINESS POLITICS) (Reuters)

JPMorgan's (JPM) large trading losses affirm the need for Wall Street oversight, the White House said on Monday, declining to comment on the specifics of the case while the Securities and Exchange Commission investigates it.

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"This event only reinforces why it was so important to pass Wall Street reform, why it is so important to fully implement Wall Street reform," White House spokesman Jay Carney told reporters on Air Force One.

He said President Barack Obama "fought very hard against Republicans and Wall Street lobbyists" to increase oversight of U.S. banks and investment houses after the financial crisis and said it was critical to keep the laws from being watered down or rendered ineffective. "We can't prevent bad decisions from being made on Wall Street," Carney said.

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