others testifying include deputy treasury secretary neil woland and federal reserve board member daniel turulo. >> this is part of the committee's continued oversight of the implementation of the wall street reform act and is also an opportunity to discuss the implications of the laws recently announced by jpmorgan chase. they announced it has lost millions of dollars in a large trade designed to reduce the firm's risk. it reminds us that no financial institution is immune from bad judgment. while the jp morgan trading loss does not appear to have caused systemic problems, it's a clear reminder that wall street continues to need better risk management, oversight, and if the rules are broken, unyielding enforcement. to repeal or weaken wall street reform and to fund, would take us back to the days before the financial crisis of 2008. wall street reform was a response to the crisis caused by a lack of consumer protection, reckless behavior in the financial sector, and the regulators who failed to take action in time. we now have an agency solely focused on consumer protection, tough new rules to