Mr. Johnson, who was elected to the Senate as a politician associated with the Tea Party, spends his limited time at the hearing focusing on the issue of 'too big to fail.' He asks Mr. Bacon whether JPMorgan suffered from "a pervasive attitude" that the bank was too big to fail.
And then he asks whether Dodd-Frank, the most sweeping changes to financial regulation in years, had ended "too big to fail." Mr. Bacon responds that he thinks the law has "the potential" to end the problem.
Mr. Johnson finishes with a warning that the problem is alive and kicking. "The fact that we're still having this hearing indicates that we haven't ended 'too big to fail,'" he said. "The goal of this Congress should be to get the American people off the hooks of the banks."
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