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.

For President Barack Obama’s re-election team, it’s sort of like threading a needle.

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.

quot;This is one of the best managed banks,quot; Obama said. quot;You could have a bank that isn#39;t as strong, isn#39;t as profitable managing those same bets and we might have had to step in. That#39;s why Wall Street reform is so important.quot;