Democratic Congressman Barney Frank said yesterday in a statement that the government was wrong to go after JPMorgan Chase for the alleged misdeeds of Bear Stearns.

Frank, who served as chairman of the House Financial Services Committee during the Bear Stearns acquisition, said federal and state officials should reconsider holding financial firms liable for the wrongdoing of institutions they absorbed at the government’s urging.

New York Attorney General Eric Schneiderman sued JPMorgan on Oct. 1 over mortgage-backed securities packaged and sold by Bear Stearns.