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So the fallout from JPMorgan's $2 billion loss has already made its way into the presidential campaign. President Obama and his presumptive challenger, Mitt Romney, have very different views about the regulation of Wall Street and in particular, the Dodd-Frank law that we just heard about.

NPR's Tamara Keith reports.

TAMARA KEITH, BYLINE: In an appearance on "The View," set to air today but previewed last night on ABC's "World News Tonight," President Obama pointed to JPMorgan's troubles as validation for his administration's policies.


PRESIDENT BARACK OBAMA: This is why we passed Wall Street reform.

KEITH: He described JPMorgan as one of the best-managed banks around.


OBAMA: Jamie Dimon, the head of it, is one of the smartest bankers we've got.

KEITH: And yet, the president said, JPMorgan found a way to lose $2 billion, maybe more, on a bad bet.


OBAMA: You could have a bank that isn't as strong, isn't as profitable making those same bets, and we might have had to step in. And that's exactly why Wall Street reform is so important.

KEITH: Overseeing the passage of the Dodd-Frank law is one of the Obama administration's major accomplishments. So perhaps it's no surprise that the Obama campaign quickly pointed out that Mitt Romney wants to repeal Dodd-Frank.

Campaign spokesman Ben Labolt says that would be, quote, "an engraved invitation to Wall Street to return to the biggest, riskiest bets that crashed the economy."

The Romney campaign responded, saying he believes in a system of sensible financial regulation.

In March, a voter at a town hall-style event in Ohio asked Romney if he plans to repeal Dodd-Frank.


MITT ROMNEY: Yes. All right, there's a direct answer.

KEITH: And Romney went on to say he would replace it, along some of the other measures he's promised to do away with as part of his campaign.


ROMNEY: By the way, when I get rid of Obamacare, and I get rid of Dodd-Frank, and I get rid of Sarbanes-Oxley, it doesn't mean that I don't want to have any law, or any regulation. It means I want to make sure it's modern; it's updated; it goes after the bad guys, but it also encourages the good guys.

KEITH: Romney devotes just one paragraph in his 160-page plan for jobs and economic growth, to his vision for replacing Dodd-Frank. He says some of the concepts in the law have a place, like greater transparency and greater capital requirements.

But Eliot Spitzer, former Democratic attorney general and governor of New York, and a sort of Wall Street watchdog, says that isn't enough.

ELIOT SPITZER: The problem for Mitt Romney is that we all know he wants to repeal Dodd-Frank because his mantra is fewer regulations, and yet he has never told us what he would replace it with.

KEITH: That said, Spitzer and others point to the fact that JPMorgan was able to lose so much money so fast, on a bad hedge, as a sign that Dodd-Frank isn't perfect, either; and the president didn't push hard enough to regulate Wall Street.

Tamara Keith, NPR News, Washington.

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