House Speaker John Boehner said in an interview taped to air Sunday on ABC's "This Week" that new regulations would not have prevented a trading debacle by Wall Street giant JP Morgan in which the investment bank lost at least $2 billion dollars.
"There's no law against stupidity. No law against stupid trades," Boehner said.
"And as long as the positives, money wasn't at risk, and as long as there's no risk of a taxpayer bailout-- they should be held accountable by the market and their shareholders." Boehner added. "And they are."
"I don't believe there's anything in Dodd-Frank- that would've prevented this activity at JP Morgan," Boehner said.