Senate Banking to call on JPMorgan’s Jamie Dimon on June 7

Senate Banking Committee Chairman Tim Johnson (D-S.D.) announced Friday he plans to invite JPMorgan Chief Executive Jamie Dimon to testify June 7 on his bank’s multibillion losses — and he is expecting answers.

{mosads}In a statement, Johnson said he planned to invite Dimon to testify, and expects him to “come prepared” to explain exactly how the nation’s largest bank lost at least $2 billion in a matter of weeks on a complex bet on corporate debt.

“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,” he said. “I expect Mr. Dimon to come prepared to provide the committee a better understanding of this massive trading loss so we can take the implications into account as we continue to conduct our robust oversight over the full implementation of Wall Street reform.”

A spokeswoman for the bank said Dimon would “of course” testify before Congress next month, and is working with lawmakers to finalize a date.

“We are working with the House and Senate to determine a timeframe that will work for both Chambers in June and allow us to provide the most thorough testimony next month,” said spokesperson Jennifer Zuccarelli.

Updated at 14:38 p.m.