NEW YORK (AP) — The CEO of JPMorgan Chase says he was "dead wrong" to dismiss concerns about the bank's trading and he now expects to pay a price beyond the $2 billion in losses the bank incurred.

Lawmakers are saying that price is likely to be tighter regulations.

JPMorgan CEO Jamie Dimon (DY'-muhn) tells NBC's "Meet the Press" that the bank's $2 billion trading blunder damaged the bank and its credibility. Just last month, Dimon played down the worries about the bank's trading as a "tempest in a teapot," but he now says his team made an "egregious" and "almost" inexcusable mistake.

A piece of the financial regulation known as the Volcker rule would prevent banks from certain kinds of trading for their own profit. But banks have been trying to weaken it.

Sen. Carl Levin tells NBC that banks have been pushing a loophole that would exclude the trading that led to JPMorgan's massive loss. The Michigan Democrat predicts the banks will lose that fight.

%@AP Links

107-a-15-(Jamie Dimon, CEO, JPMorgan Chase, in interview recorded last week)-"it gets better"-JPMorgan Chase CEO Jamie Dimon says he should not have dismissed concerns last month about the bank's trading as a "tempest in a teapot." COURTESY: NBC's "Meet the Press" ((mandatory on-air credit)) (13 May 2012)

<<CUT *107 (05/13/12)>> 00:15 "it gets better"

109-a-11-(Jamie Dimon, CEO, JPMorgan Chase, in interview recorded last week)-"company is jeopardized"-JPMorgan Chase CEO Jamie Dimon says his company will still make a ton of money, but should have made even more. COURTESY: NBC's "Meet the Press" ((mandatory on-air credit)) (13 May 2012)

<<CUT *109 (05/13/12)>> 00:11 "company is jeopardized"

108-a-10-(Jamie Dimon, CEO, JPMorgan Chase, in interview recorded last week)-"when it's done"-JPMorgan Chase CEO Jamie Dimon says he doesn't know if the risky hedge investments violated any laws or regulations, so he has no objections to a federal investigation. COURTESY: NBC's "Meet the Press" ((mandatory on-air credit)) (13 May 2012)

<<CUT *108 (05/13/12)>> 00:10 "when it's done"

201-a-06-(Nancy Bush, bank analyst at NAB research, in AP interview)-"to put it"-Bank analyst Nancy Bush says Jamie Dimon can't be the standard-bearer for the banking industry any longer. ((note language)) (12 May 2012)

<<CUT *201 (05/12/12)>> 00:06 "to put it"

199-a-08-(Nancy Bush, bank analyst at NAB research, in AP interview)-"this whole thing"-Bank analyst Nancy Bush says transparency is key to restoring trust in both JPMorgan Chase and its CEO, Jamie Dimon. (12 May 2012)

<<CUT *199 (05/12/12)>> 00:08 "this whole thing"

GRAPHICSBANK: James Dimon headshot, as JP Morgan Chase Chairman and CEO, partial graphic (11 May 2012)