US senator calls for VAR overhaul

Senator Kay Hagan

US senator Kay Hagan has called on legislators and regulators to find ways of improving bank risk measurement – in particular the value-at-risk metric used in regulatory capital requirements.

Speaking to Risk shortly after attending a hearing of the Senate Committee on Banking, Housing and Urban Affairs yesterday – at which JP Morgan chief executive Jamie Dimon testified on the bank's $2 billion first-quarter trading loss – Hagan said the role of VAR in the episode demonstrated a need to re

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