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Jan 24, 2019

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

Ylan Mui, Fred Imbert

GP: Jamie Dimon JP Morgan Chase Key Speakers At The Business Roundtable CEO Innovation Summit
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.
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.
—Reuters contributed to this report.

Source: CNBC

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