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Banking Committee to Hear from JP Morgan


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In a letter to Senate Banking Committee Chairman Tim Johnson last week, Senator Corker urged the chairman to hold a hearing "as expeditiously as possible into the events surrounding the JPMorgan Chase & Co. trading losses." On Thursday, Chairman Johnson announced his intentions to invite JP Morgan's CEO Jamie Dimon to testify before the Banking Committee.

"I'm glad Chairman Johnson has agreed that the Banking Committee should hear directly from JPMorgan, and I hope it will be a substantive hearing that examines the complexities of distinguishing between a hedge and a proprietary trade and focuses on the balance of eliminating systemic risk while not removing important tools for normal bank risk management."

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