Senators Leading JPMorgan Hearing Count Bank Among Biggest Supporters

JPMorgan has funded political careers of committee's two highest-ranking members.


The two senators who led Tuesday's Congressional inquiry into JPMorgan's $2 billion trading loss are no stranger to the powerful Wall Street firm.

Democrat Sen. Tim Johnson, the chairman of the Senate Banking Committee, has received $59,000 from JPMorgan and its employees since becoming chairman in 2011, by far his largest funder over that time, according to the Center for Responsive Politics. The bank and its employees have been Johnson's biggest patron since his Senate re-election campaign in 2007, and have given more than $80,000 since he entered Congress in 1987.

[Read: SEC reviewing JPMorgan's filings after $2B loss]

That makes JPMorgan the second-biggest funder of Johnson's Congressional career, a fact he has in common with the committee's ranking member, Republican Sen. Richard Shelby.

However, despite ranking lower, Shelby has consistently received more JPMorgan funding than Johnson, according to the Center's data. The two entered Congress the same year, but Shelby has gotten $140,000 from the bank and its employees, $60,000 more than Johnson.

Whether or not that played any part in the hearing, the two senators did approach the bank's troubles differently, as noted in this excerpt from the New York Times:

"(JPMorgan's) massive trading loss is a stark reminder of the financial crisis of 2008 and the necessity of Wall Street reform," the chairman of the committee, Senator Tim Johnson, Democrat of South Dakota, said at the hearing on Tuesday. "This trading loss has been a wake-up call for many opponents of Wall Street reform."

Senator Richard Shelby of Alabama, the ranking Republican member of the committee, countered that it was unwise for regulators to "micromanage what entities are doing," noting that "JPMorgan is a huge bank."

Seth Cline is a reporter for US News and World Report. You can contact him at and follow him on Twitter