JPMorgan (JPM) Sees GOP Slowing Down Components of FinReg
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According to an internal memo from JPMorgan Chase & Co. (NYSE: JPM) the bank says that many of the provision from the Wall Street reform law might take time to impact banks.
The memo obtained by OpenSecrets says, "Many of provisions of the Wall Street reform law, authored by Senate Banking Committee Chairman Chris Dodd (D-Conn.) and House Financial Services Committee Chairman Barney Frank (D-Mass.) might take time to come to fruition because Republicans may “seek to use the appropriations process to slow implementation of Dodd-Frank by underfunding the new federal agency staff needed to get those programs off the ground.”
This is a reality that many on Wall Street have predicted following the Congressional power shift last week.
The memo also notes that Republicans have taken notice of several components of the bill for oversight hearings and possible repeal.
The memo obtained by OpenSecrets says, "Many of provisions of the Wall Street reform law, authored by Senate Banking Committee Chairman Chris Dodd (D-Conn.) and House Financial Services Committee Chairman Barney Frank (D-Mass.) might take time to come to fruition because Republicans may “seek to use the appropriations process to slow implementation of Dodd-Frank by underfunding the new federal agency staff needed to get those programs off the ground.”
This is a reality that many on Wall Street have predicted following the Congressional power shift last week.
The memo also notes that Republicans have taken notice of several components of the bill for oversight hearings and possible repeal.
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