President Barack Obama says the big trading loss at JPMorgan Chase shows the need to finally put in place banking rules he signed into law two years ago. He also is calling on Congress to stop trying to weaken the regulations. The $2-billion loss has renewed calls by Democratic lawmakers for tougher rules on major financial institutions.

WASHINGTON (Reuters) - President Barack Obama on Saturday called on the U.S. Congress to back his efforts for tough new financial industry oversight, saying a $2 billion trading loss at JPMorgan(JPM.N) ...

President Barack Obama says the big trading loss at JPMorgan Chase shows the need for Congress to put more teeth into Wall Street reforms intended to prevent the practices that led to the 2008 financial meltdown.

President Barack Obama says JPMorgan Chase#39;s $2 billion loss in high-risk trading demonstrates the need for the Wall Street rules that Congress passed two years ago. Many of the rules are still being written and have not taken effect.

Refocusing on the economy, President Barack Obama on Friday pushed Republicans to back housing policies the White House says would help shore up struggling homeowners and prevent foreclosures.