The news that JPMorgan Chase lost at least $2 billion on a single trade that went sour is not evidence that the industry needs to be more stringently regulated and is instead proof that Wall Street needs even less regulation, Republican National Committee Chairman Reince Priebus said Sunday.

Republicans, who fought efforts to pass new regulations in the wake of the 2008 financial crisis and have helped weaken the regulations that ultimately passed, have largely remained silent amid widespread calls for stronger regulations since JPMorgan CEO Jamie Dimon announced the massive loss Thursday. Priebus, however, made it clear during an interview with NBC’s David Gregory yesterday that the GOP still opposes the sort of regulation that could have prevented the losses and protected taxpayers and the economy: