Jamie Dimon to testify at June 13 Senate hearing on JPMorgan loss

By Jim Puzzanghera

May 31, 2012 12 AM PT

WASHINGTON -- JPMorgan & Co. Chief Executive Jamie Dimon will face congressional questioning on June 13 about the bank’s huge trading loss, the Senate Banking Committee said Thursday.

The committee has been looking at the more-than-$2-billion loss as part of its oversight of the 2010 Dodd-Frank financial reform law, and Chairman Tim Johnson (D-S.D.) said two weeks ago he intended to call Dimon to testify.

A hearing was set for June 7 but was then postponed a week to accommodate the schedule of Dimon and senators, said committee spokesman Sean Oblack. Dimon has accepted Johnson’s invitation to testify, meaning no subpoena was required.

At a May 22 committee hearing, senators questioned the heads of the Securities and Exchange Commission and the Commodity Futures Trading Commission about the trading loss and why regulators had not discovered it earlier.

The committee plans another hearing with banking regulators on Wednesday, when the JPMorgan loss will again be discussed.

Rep. Spencer Bachus (R-Ala.), chairman of the House Financial Services Committee, has said his panel also plans to hold a hearing on the public policy implications of the loss, but no date has been set.

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