Dimon to appear before Congress twice in June

WASHINGTON Thu May 31, 2012 5:05pm EDT

Jamie Dimon, chairman and chief executive of JP Morgan Chase and Co, speaks during the Intrepid Sea, Air & Space Museum's Annual Salute to Freedom dinner in New York, May 24, 2012. REUTERS/Keith Bedford

Jamie Dimon, chairman and chief executive of JP Morgan Chase and Co, speaks during the Intrepid Sea, Air & Space Museum's Annual Salute to Freedom dinner in New York, May 24, 2012.

Credit: Reuters/Keith Bedford

WASHINGTON (Reuters) - JPMorgan Chase and Co (JPM.N) Chief Executive Officer Jamie Dimon has agreed to testify before two House and Senate panels next month to discuss recent trading losses at the bank after some back and forth over what dates he should appear.

On Thursday those calendar issues were settled and Dimon has agreed to appear before the Senate Banking Committee on June 13 and the House Financial Services Committee on June 19.

The Senate panel had previously asked Dimon to appear on June 7.

"June 13 is the only date in June that works for both the Senate Banking Committee and Mr. Dimon," the committee said in a statement.

Earlier this month, JPMorgan said it had suffered at least $2 billion in losses from a set of trades that the bank said were meant to hedge risk, but that some analysts and critics say look more like speculation.

Regulators are examining what led to the losses before making any decisions about whether JPMorgan and other large banks will have to take steps to scale back the risk taking that led to the losses.

The banks trading losses have added renewed vigor to the debate in Washington over how tough regulators should be when implementing the 2010 Dodd-Frank financial oversight law, passed in response to the 2007-2009 financial crisis.

A particular focus has been the so-called Volcker rule, which puts restrictions on bank trading activities.

A proposed rule was released in October, and a final version is due in July, although it may be delayed by a few months.

Supporters of the Volcker rule want regulators to tighten a provision in the October proposal that allows some trades to escape a ban on proprietary trading if they are done to hedge risk. They say the current proposal is too lax and would not have prevented the type of risk-taking that led to the JPMorgan losses.

The U.S. Commodity Futures Trading Commission is holding a roundtable discussion on Thursday to discuss the Volcker rule.

The House Financial Services Committee also plans to hold a hearing with Dimon, but has yet to announce a date.

(Reporting By Dave Clarke; Editing by Gerald E. McCormick, Lisa Von Ahn and Sofina Mirza-Reid)