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JPMorgan CEO to Testify in Senate

The Senate Banking Committee today invited JPMorgan Chase CEO Jamie Dimon to testify on the bank’s recent $2 billion trading loss as part of the panel’s upcoming hearings on implementing the Wall Street reform law.

Bloomberg News reported that Dimon has accepted the panel’s invitation.

The banking panel is scheduled to hold its first session on the oversight of Wall Street reform implementation next week and already was planning on speaking to many of the Obama administration’s key financial regulators. The news of JPMorgan’s huge losses, however, has put an increased spotlight on the 2010 law, heralded by Democrats and maligned by Republicans.

In a statement, Chairman Tim Johnson (D-S.D.) said Dimon’s testimony would be important in considering the ramifications of the loss and noted that he has asked the regulators testifying before the committee to prepare to update lawmakers on the situation.

“Our due diligence has made it clear that the Banking Committee should hear directly from JPMorgan Chase’s CEO Jamie Dimon, and following our two Wall Street reform oversight hearings, I plan to invite him to testify,” Johnson said. “I encourage all of my colleagues on the Banking Committee to participate in these three critically important and timely hearings, so we can all better understand the facts.”

Johnson said that this week he and ranking member Richard Shelby (R-Ala.) have held joint briefings with regulators about the banking giant’s massive trading loss. The second hearing will be held June 6. Dimon would speak at this session.

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