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Wednesday, January 8, 2014

Senate to quiz US regulators on Wall St commodity bets, (NYSE: JPM)

A Senate panel will hold a hearing next week to question financial regulators over Wall Street's role in physical commodity markets, drawing fresh attention to a controversy over the possible risks posed by the involvement of the largest U.S. investment banks.The Jan. 15 hearing by a subcommittee of the powerful Senate Banking Committee is to include testimony by top oversight officials with the Federal Energy Regulatory Commission and the Commodity Futures Trading Commission and an official from the Federal Reserve's banking supervision arm.The hearing, the second called by Senator Sherrod Brown, an Ohio Democrat, comes as the Fed reconsiders exemptions given to banks since the early 2000s that allow them to engage in the previously prohibited trading of physical commodities.Brown and other lawmakers have questioned whether Wall Street's biggest banks, including JPMorgan Chase & Co and Goldman Sachs, should be allowed to own metals warehouses, oil tankers and other physical assets next to their vast commodity and commodity derivatives trading desks.

JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 0.94% or $0.55/share to $58.87. In the past year, the shares have traded as low as $45.14 and as high as $59.47. On average, 18229000 shares of JPM exchange hands on a given day and today's volume is recorded at 14694818.