The head of JPMorgan Chase, Jamie Dimon, will be asked to testify before the Senate Banking Committee next month on the recently reported $2 billion trading loss, the committee’s chair announced today.
Sen. Tim Johnson (D-S.D.), said meetings between his staff and regulators and JPMorgan have made it clear that the committee needs to hear from Dimon, who leads the bank that was once seen as best able to make the public case against some of the more controversial parts of the Wall Street reforms.
Dimon will testify sometime after two hearings with key financial regulators. On May 22, the banking committee will look into “Implementing Derivatives Reform: Reducing Systemic Risk and Improving Market Oversight” with Securities and Exchange Commission Chairwoman Mary Schapiro and Commodity Futures Trading Commission Chairman Gary Gensler.
And on June 6, the Federal Reserve, Federal Deposit Insurance Corp., Consumer Financial Protection Bureau, and Office of the Comptroller of the Currency, as well as the Treasury Department, are expected to come prepared to update the committee on the recently reported trading loss by JPMorgan.
“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.
It is past time that we remove the FDIC insurance from Commercial banking funds, for those who now rely on tax funded FDIC to 'gamble" with no worries and force the tax payers to foot the bill. There is no need to break the Banks up, all that is required is to remove private citisens funds from Corporate gambling. No one should object to this simple change. Banks can then be funded by stockholders instead of their gambling debts being paid for by the American Treasury/people (again). Unless the point is to rob the US people and our treasury. Allowing Bankers to be on a committee to regulate these Banks is a joke!
Posted by: Lynda Lawson-Usher | May 21, 2012 at 05:58 PM