The Banking Committee Chairman U.S. Senate, Democrat Tim Johnson, has announced its intention to invite the CEO of JP Morgan, Jamie Dimon, to testify at a hearing after the announcement of the loss of 2,000 million dollars (about 1,500 million).
“Our obligations clearly show that the Banking Committee should hear directly from JP Morgan CEO James Dimon,” stated Johnson, senator from South Dakota, in a statement. Meanwhile, a spokeswoman for the financial institution based in New York has said that Dimon appear before Congress . “As always, continue to be open and transparent with our regulators and Congress,” said the spokesman, as quoted by U.S. media. However, Johnson did not specify when will the hearing , but noted that should occur after completion of two hearings on other matters which had already planned for this month and June. Democratic Senator has said that during the week he and other members of the Committee had been informed by officials federal regulatory agencies about the operations that produced the multimillion losses of JP Morgan, the first bank by assets in the United States.
Financial System Reform – Jp Morgan
Johnson noted that the hearing Dimon is part of the “continuous supervision” by the Committee “of the implementation of the reform of Wall Street with additional hearings with key financial regulators.” This reform of the financial system, known as the law “Dodd-Frank” limits possible footage of risks by banks and restricts their speculation. The secretary of the U.S. Treasury, Timothy Geithner, said this week that the authorities Regulators are “going to look in detail” the loss of 2,000 million in the bank in derivatives. The loss of JP Morgan, said Geithner, stress “the importance of these reforms are sufficiently strong and effective.”
We could have had to intervene
Both the Securities and Exchange Commission (SEC) and the Department of Justice have already announced the opening of investigations on these losses. In addition, the U.S. president, Barack Obama , said this case demonstrates the importance of carrying out a reform on Wall Street . “This is the best or one of the best-managed banks. If a bank that is not strong (…) might have had to intervene, “said in an interview with the program ‘The view’ of ABC .