Senator Bob Corker, R-Tn., a member of the Senate Banking Committee, on Thursday thanked Committee Chairman Tim Johnson for agreeing that the committee should hear directly from JPMorgan Chase & Co. and said he hopes the hearing will be substantive.
Senator Corker said, “I’m glad Chairman Johnson has agreed that the Banking Committee should hear directly from JPMorgan, and I hope it will be a substantive hearing that examines the complexities of distinguishing between a hedge and a proprietary trade and focuses on the balance of eliminating systemic risk while not removing important tools for normal bank risk management.”
Senator Corker sent a letter to Chairman Johnson on Friday, May 11, calling on him to hold a hearing “as expeditiously as possible into the events surrounding the JPMorgan Chase & Co. trading losses.”