U.S. News

Senate Summons Dimon to 'Get to the Bottom' of JPM Mess

AP with CNBC.com

JPMorgan Chase CEO Jamie Dimon has been summoned to a Senate panel next month to "get to the bottom" of the bank's $2 billion-plus trading loss.

Jamie Dimon
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The Senate Banking Committee on Friday scheduled a June 7 hearing for Dimon to testify. The hearing is one day after federal regulators appear before the panel on the topic.

Sen. Tim Johnson, D-S.D., said the committee wants "to get to the bottom of the massive trading loss."

Dimon has told the committee through a spokesman that he will testify. He has called the misstep "a black mark." The loss has revived Democrats' push for stricter oversight of Wall Street banks under the 2010 regulatory overhaul.

"As these events have amply demonstrated – much to the dismay of those who endlessly seek to roll back this tough, new law – Wall Street continues to need better risk management, vigorous oversight and unyielding enforcement," Johnson said in a statement.

The Securities and Exchange Commission is reviewing what JPMorgan told investors about its finances and the risks it took weeks before suffering the loss.