Board Of Governors Of The Federal Reserve System: Scott G. Alvarez, General Counsel, Bank Supervision And Risk Management, Before The Committee On Financial Services, U.S. House Of Representatives, Washington, D.C.

Chairman Bachus, Ranking Member Frank, and members of the Committee, thank you for the opportunity to testify regarding bank supervision and risk management and the Federal Reserve's response to the trading losses recently announced by JPMorgan Chase & Co. (JPMorgan Chase).