Hearing On 'Too Big To Fail' Banks

A House Financial Services Committee hearing Wednesday turned briefly to JPMorgan's $2 billion loss in risky trading.

Bloomberg News reports that JP Morgan has deployed teams of representatives to brief congressional staffers about the trading strategy that led to the losses, which were first disclosed last week.

Democrats argue that rules on such trading, still being written, need to be toughened. Republicans claim too much financial regulation will drive financial firms overseas and fail to prevent risky trades that led to the 2008 financial crisis.