GOP blames unimplemented regulations for JP Morgan's woes

Washington Post

Senators put federal regulators, not JPMorgan, on the hot seat

By Dana Milbank


As the hearing began Tuesday, Securities and Exchange Commission Chairman Mary Schapiro argued that JPMorgan’s activities would have been more easily monitored “if the Dodd-Frank rules had been in place.”
But the Republicans were more inclined to blame the Dodd-Frank law itself — tiptoeing past the awkward fact that it hasn’t been in force. Corker predicted that “the American people are going to wake up” and realize “this big Dodd-Frank bill really doesn’t address real-time issues.” Nebraska Republican Mike Johanns added his concern that “regulations become more and more onerous.”

And Pennsylvania Republican Pat Toomey judged that “we’ve gone down the wrong road” with Dodd-Frank. The better course, he said, is a less intrusive plan that would “let the people in the marketplace make the decisions they will make.”

Sounds nice. But that’s what gave us 2008.

For the column:
http://www.washingtonpost.com/opinions/senators-put-federal-regulators-not-jpmorgan-on-the-hot-seat/2012/05/22/gIQAPmv8iU_story.html?hpid=z2