JPMorgan CEO to appear before Congress on June 13

AP News
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Posted: May 31, 2012 10:58 AM
JPMorgan CEO to appear before Congress on June 13

A Senate panel says JPMorgan Chase's CEO Jamie Dimon will testify June 13 about a disastrous trading loss that has renewed calls for tougher bank regulation.

The testimony was pushed back from the original June 7 date the committee announced earlier. Senate Banking Committee spokesman Sean Oblack said Thursday that June 13 was the only day that month that works for both Dimon and the committee.

Dimon acknowledged the trading loss May 10, weeks after dismissing news reports about it as "a tempest in a teapot." The bank is expected to lose at least $2 billion.

Advocates of stricter bank oversight say JPMorgan's loss shows that banks continue to take big risks that imperil government-insured deposits.

Federal regulators are expected to testify at a separate hearing on the topic.