JP Morgan CEO Jamie Dimon went before the House Committee on Financial Services today answering questions about a possible bill for exemptions from derivative transactions made by offshore branches of U.S. banks. Dimon was being questioned on this issue because J.P. Morgan’s massive trading losses, amounting to $2 billion dollars, were performed out of their London offices. Dimon says he supports congresses bill.Dimon was also asked as to whether may be clawbacks against him and certain traders involved in the catastrophic losses that took place. Dimon said that the board will do whatever they see is appropriate. Finally, Dimon, in response to the Volcker rule, said he supports a provision of allowing portfolio-hedging with a banks exposure to certain types of companies. Dimon said it would be impossible to limit exposure to a group of similar companies individually, something that a tough Volcker rule will prohibit.
