President Obama’s 2011 assets include anywhere from $500,000 to $1 million held in a JPMorgan Chase checking account, according to annual financial disclosure forms released by the White House on Tuesday.
The bank is under heightened scrutiny this week, as the Department of Justice is launching a criminal probe into the firm following reports of its staggering $2 billion trading loss.
The White House has argued that the news of JPMorgan Chase’s loss underscores the need for financial regulatory reform such as the Dodd-Frank measure that Obama signed into law in 2010.
“You could have a bank that isn’t as strong, isn’t as profitable managing those same bets and we might have had to step in,” Obama said in an appearance on ABC’s “The View” this week. “That’s why Wall Street reform is so important.”
In contrast to Obama, Vice President Biden has from $2,000 to $30,000 in two savings accounts and $2,000 to $32,000 in four checking accounts, the forms show. The Bidens also had income of $21,000 from a residential property in Wilmington, Del.
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