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Big banks expected to testify before House Financial Services Committee in March

Key Points
  • J.P Morgan Chase CEO Jamie Dimon, Goldman Sachs' David Solomon and Wells Fargo's Tim Sloan are among the bank executives expected to testify, the sources said.
  • Bank of America's Brian Moynihan and Morgan Stanley's James Gorman are also expected to testify.
  • The CEOs would be testifying in front of Rep. Maxine Waters, D-Calif., who became the committee's chair earlier this month. One source told CNBC the testimony would likely be confrontational.
Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., listens during a Business Roundtable CEO Innovation Summit discussion in Washington, D.C., U.S., on Thursday, Dec. 6, 2018.
Andrew Harrer | Bloomberg | Getty Images

The chief executives from some of the biggest U.S. banks are expected to testify before the House Financial Services committee in March, two sources told CNBC.

J.P Morgan Chase CEO Jamie Dimon, Goldman Sachs' David Solomon and Wells Fargo's Tim Sloan are among the bank executives expected to testify, the sources said. Bank of America's Brian Moynihan and Morgan Stanley's James Gorman are also expected to testify.

The CEOs would be testifying in front of Rep. Maxine Waters, D-Calif., who became the committee's chair earlier this month. Waters recently met with Solomon and Dimon in private, people with direct knowledge of the matter have told CNBC.

VIDEO2:3902:39
Rep. Maxine Waters meets with Bank CEOs Dimon, Solomon

One of the bank executives expected at the hearing told CNBC that Waters said "she wanted to get all the CEOs in to talk about how they could better support the economy."

One source told CNBC the testimony would likely be confrontational.

Waters has been a critic of the big banks throughout her career. Last year, she pledged to roll back deregulation efforts on the financial industry that were pushed through by the Trump administration and the Republican party.

She has also repeatedly sought documents from Deutsche Bank about Trump's finances and its role in a 2011 Russian money-laundering scheme. She went so far as to call for a subpoena of those documents, but Republicans in charge of the committee ignored her efforts. The bank told Congress that privacy laws prevented it from handing over such information.

The executives will also be testifying before Rep. Alexandria Ocasio-Cortez, D-N.Y. Recently, Ocasio-Cortez proposed a 70 percent tax rate on earnings above $10 million.

Correction: Rep. Alexandria Ocasio-Cortez recently proposed a 70 percent tax rate on earnings above $10 million. An earlier version misstated the figure.

—Reuters, and CNBC's John Harwood contributed to this report.