White House: JP Morgan losses reaffirms need for Wall Street reforms

JP Morgan's $2 billion trading losses - which led to chief investment officer Ina Drew reitiring today - affirm the need for Wall Street reform, the White House said.

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

He said President Barack Obama "fought very hard against Republicans and Wall Street lobbyists" to increase oversight of US banks after the financial crisis and said it was critical to keep the laws from being watered down.