May 17, 2012

Senate Banking’s Johnson Asks JPMorgan’s Dimon to Testify

‘Our due diligence has made it clear that the Banking Committee should hear directly from JPMorgan Chase’s CEO Jamie Dimon,’ Johnson says

Sen. Tim JohnsonSen. Tim Johnson, D-S.D., chairman of the Senate Banking Committee, said Thursday that he planned to hold the first hearing regarding the JPMorgan losses on Tuesday, May 22, and that he would request JPMorgan Chase CEO Jamie Dimon testify at another hearing.

“Over the past week, my staff and Ranking Member [Richard] Shelby’s staff have jointly held briefings with regulators regarding the JPMorgan Chase trading loss, as well a briefing with the company itself," Johnson said. "Our due diligence has made it clear that the Banking Committee should hear directly from JPMorgan Chase’s CEO Jamie Dimon."

Johnson first announced on May 14 his plans to hold hearings regarding the JPMorgan losses, and added Thursday that as part of the Committee's continued oversight of the implementation of Wall Street reform, the first hearing on May 22 will give Committee members the opportunity to hear from the SEC and CFTC.

The second hearing will be held on Wednesday, June 6, with testimony from officials from the Federal Reserve, FDIC, CFPB and OCC as well as the Treasury Department. Johnson said that he had asked the appropriate regulators "to be prepared to update the Committee on the recently reported trading loss by JPMorgan Chase."

Johnson did not disclose the date for the third hearing in which Dimon has been asked to testify, but said it would take place after the second hearing. Senate Banking Committee spokesman Sean Oblack told AdvisorOne in an email message that the committee has not yet set a date for the third hearing.

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