Senate committee to ask JPMorgan's Dimon to testify

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By Dave Clarke, Reuters

WASHINGTON -- JPMorgan Chase & Co Chief Executive Jamie Dimon will be invited to testify before Congress over the recent trading losses announced by the bank, U.S. Senate Banking Committee Chairman Tim Johnson said in a statement on Thursday.

Johnson did not say on what date the committee wants Dimon to appear but said it would be following a set of hearings that will conclude on June 6.

The committee will hold hearings with regulators on May 22 and June 6 to discuss reforms required by the 2010 Dodd-Frank financial oversight law. Johnson said they will also serve as a forum for lawmakers to quiz regulators over the JPMorgan trading losses.

"As always, we will continue to be open and transparent with our regulators and Congress," JP Morgan spokesman Kristin Lemkau said in a statement. She said Dimon will appear before the panel.

Last week JPMorgan announced that it has suffered at least $2 billion in losses due to trades that went bad.

Johnson said committee staff has been discussing the losses with regulators and the bank since they were disclosed.

"Our due diligence has made it clear that the Banking Committee should hear directly from JPMorgan Chase's CEO Jamie Dimon, and following our two Wall Street reform oversight hearings I plan to invite him to testify," he said in a statement.

Earlier this week Richard Shelby, the ranking Republican on the committee, said Dimon should testify before Congress.

JPMorgan losses have kicked off a debate in Washington over whether regulators need to tighten proposed oversight rules, including the so-called Volcker rule, which restricts bank trading activities.?

Embattled JPMorgan Chase CEO and Chairman Jamie Dimon survived a vote that would have taken away his role as chairman of the company's board. Meanwhile, the Justice Department is launching an investigation into how the bank lost more than $2 billion from risky trades. NBC's Ann Thompson reports.

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