The Senate Banking Committee will hold two hearings with key financial regulators in the coming weeks, one on May 22, where it will hear from the SEC and the CFTC and the other on June 6 with the Federal Reserve, FDIC, CFPB, OCC and the Treasury.
As part of these hearings, the Committee will be updated on facts related to JPMorgan's trading debacle. The Committee then intends to hear from Dimon himself on the issue.
"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," Senate Banking Committee Chairman Tim Johnson (D-SD), said in a statement. "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."JPMorgan confirmed that the CEO will testify before the Banking Committee. "As always, we will continue to be open and transparent with our regulators and Congress," a company spokesperson said in a statement. Shares of JPMorgan were down nearly 4% Thursday, as it continues to reel under the impact of the recent disclosure as well as broad market weakness linked to euro zone concerns. -- Written by Shanthi Bharatwaj from New York
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV