In
the wake of JPMorgan Chase's $2 billion credit derivatives trading
loss, the Comptroller of the Currency testified before Congress that the
institution had "inadequate risk management within the office of the
chief investment office." An examination of JPMorgan's activities has
focused the spotlight on the Volcker Rule, which seeks to limit or ban
proprietary trading. A Treasury Department Deputy Secretary testified
that the final Volcker Rule should only allow hedging that reduces risks
to specific positions held by an institution.