Regulation

The Senate Banking Committee announced Thursday that it has invited JPMorgan Chase CEO Jamie Dimon to testify about the firm's $2 billion trading loss. A bank spokeswoman said Dimon has agreed to testify.

The SEC has charged Seattle-area financial advisor, Mark Spangler, with defrauding clients by secretly investing $47.7 million in two start-up companies he co-founded.

Requiring money market fund advisers to hold capital to support their money market funds would fundamentally change the nature of these funds, according to a new study by the Investment Company Institute released today.

"Unless the facts are diametrically different from what we've heard, there is no risk from this [$2 billion] loss to depositors or to taxpayers," Rep. Spencer Bachus said. "They remain a very profitable, viable institution."

The Securities and Exchange Commission has passed along a request to the Financial Accounting Standards Board that it consider making changes in how to account for derivatives contracts designated as hedging instruments.

Treasury Secretary Tim Geithner said Tuesday that the $2 billion trading loss at JPMorgan Chase makes a "powerful case" for the financial reforms being implemented under the Dodd-Frank Act.

The presumptive Republican nominee has given almost no details about his plan to replace the Dodd-Frank Act.

On May 11, 2012, Mary L. Schapiro said the Securities and Exchange Commission intends to directly “confront’’ a new round of long-term reforms to the nation’s money market mutual funds.

Chairman Mary L. Schapiro said Friday that the SEC is in the midst of “honest open debate” on additional reform for the $2.6 trillion money market mutual fund industry. But she did not commit the SEC to proposing their net asset values be allowed to float, as a means of preventing a future run.

FINRA is substantially underestimating the costs to set up a self-regulatory organization for investment advisors, according to a review by an outside consulting firm. In response, FINRA says the review should be viewed with “skepticism and amusement.”