Undeterred by this week's disclosure that JPMorgan Chase, the nation's biggest bank, lost $2 billion on ill-advised bets, Republican National Committee Chairman Reince Preibus insisted Sunday that it shows the need for less regulation of Wall Street.
His position was immediately mocked by the Democratic National Committee, which linked him in a statement to what it called "Mitt Romney's reckless plan to roll back Wall Street reform."
Appearing on NBC's Meet the Press, Preibus was asked if there should be more oversight of Wall Street by federal regulators. "I think we need less," he said, contending that J.P. Morgan's stunning loss just proves that the Dodd-Frank law pushed through Congress by the Democrats "didn't work." He said that law "made things worse."
On the same show, Sen. Carl Levin, D-Mich., said the Morgan Chase news puts the burden on those who are writing the regulations, warning that there is "a massive lobbying effort from Wall street to weaken the regulations, to put a huge loophole into the regulations, which would allow the kind of risky bets to be made, which the law says should not be made."
He added that "the issue here is the power of the banks and whether or not we're going to regulate those banks and put a cop back on Wall Street."