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June 13th, 2012
11:55 AM ET

Sen. Corker (R-Tenn.) on JPMorgan's CEO Congressional testimony: It's not about more regulation, it's about structure

JPMorgan Chase CEO Jamie Dimon will testify on Capitol Hill today. Dimon will appear in front of the Senate Banking Committee to explain why the bank's London office made a trade that cost the company $2 billion.

The company says the trade was meant to protect against risk, but questions loom about why the trade backfired and what Dimon knew about the transaction.

In prepared remarks, Dimon is expected to say the bank is investigating what went wrong and has instituted new policies to prevent such trades from taking place in the future. In the wake of the bad trade, the head of the investment operation in London has been replaced. But some are asking if more regulation would have prevented the risky bet.

Senator Bob Corker (R-Tenn.), a member of the Senate Banking Committee who will be at the hearing today, tells Soledad O'Brien on "Starting Point" this morning that "it's not about more regulation. It's about putting in place the right kind of structure."

See more from Soledad's interview with Sen. Corker in the clip below.

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Filed under: Banks • Economy • JPMorgan Chase
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