(CBS News) In light of JPMorgan's $2 billion loss, President Obama says regulations and oversight passed by Congress in 2010 need to be implemented. Using his campaign slogan, the president said in his weekly address, "We've got to keep moving forward."
The president called on Republican lawmakers who support a repeal of the Dodd-Frank Act -- new rules for banks and financial institutions - to "stand on the side of reform."
JPMorgan CEO Jamie Dimon announced on May 10 that his bank lost $2 billion dollars through risky transactions, which many Democrats say proves that Wall Street needs strong oversight. Many Republican members of Congress and congressional candidates, however, have opposed the Dodd-Frank Act. Presumptive Republican presidential nominee Mitt Romney has also campaigned on the bill's repeal, and after JPMorgan's loss, Romney said it's how capitalism "works."
In his weekly address, the president said, "For the past two years, too many Republicans in Congress and an army of financial industry lobbyists have actually been waging an all-out battle to delay, defund, and dismantle Wall Street reform."
"We can't afford to go back to an era of weak regulation and little oversight; where excessive risk-taking on Wall Street and a lack of basic oversight in Washington nearly destroyed our economy. We can't afford to go back to that brand of 'you're-on-your-own' economics. Not after the American people have worked so hard to come back from this crisis," the president said.
Although the Dodd-Frank bill was passed in 2010, all of it has not yet been implemented. The bill aims to prevent banks from making risky investments that don't benefit its customers, creates a bureau to protect consumer's transactions, and requires banks to have more cash on hand to help deal with losses.