Mary Schapiro and Gary Gensler testified on the derivatives market and the ongoing implementation of the Dodd-Frank 2010 financial regulations law. Much of the hearing focused on JPMorgan Chase’s recent $2 billion trading loss, which Chairs Schapiro and Gensler said they heard about via media reports. Chair Schapiro said that according to preliminary investigation, JPMorgan Chases losses happened out of the U.S.; therefore, the Securities and Exchange Commission (SEC) had no oversight or knowledge. She added that if Dodd-Frank had been fully implemented, regulators could have spotted the loss.