JPM Fallout Leads to Big Banks Regulations Talk

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The House Financial Services subcommittee meets on Capitol Hill today to debate how best to regulate banks big enough to bring down the broader financial system. 

Some lawmakers want to limit the assets of those banks and reinstate a strict separation of banking from insurance and securities.

JPMorgan Chase CEO Jamie Dimon has been an outspoken critic of the proposals despite his bank's recent $2 billion trading loss on risky bets. 

The bank now also faces a Department of Justice investigation because of the loss, but it is not clear what criminal activity it may find.

Dimon survived a push to oust him from his job Tuesday as shareholders voted to Dimon keep his position as Chairman and CEO.

Dimon offered an apology to those shareholders.

"We ended up with a strategy that is flawed, complex, poorly conceived, poorly vetted and poorly executed," he said. "This should never have happened. I can't justify it. Unfortunately, these mistakes were self-inflicted."

"We are fully engaged now in doing a thorough review of the issues that led to these losses," he continued. "There are many lessons here and many changes in policy and procedures that are already being implemented. In addition, all corrective action will be taken as necessary."

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