U.S. Senator Kay R. Hagan (NC), a member of the Senate Banking Committee, today released the following statement prior to the Senate Banking Committee hearing tomorrow with JPMorgan Chase CEO Jamie Dimon:
"Just this week, the Federal Reserve reported that the wealth of US families fell by 39 percent between 2007 and 2010. The average family's net worth went from $126,000 to $77,000, a drop of nearly $50,000. The financial crisis and its effect on the broader economy played a significant role in causing this drop. No one in Washington, Republican or Democrat, and especially no one in North Carolina, should want to see that happen again.
"As a member of the Senate Banking Committee, I welcome the opportunity tomorrow to understand what went wrong at JPMorgan. Fortunately, in this instance, the loss occurred at a bank that is well-capitalized, and the losses did not spill into the broader economy. Yet it is a reminder to everyone of the impact that the financial crisis had on North Carolina families and the reasons that we passed Wall Street reform."