JPMorgan CEO Jamie Dimon is testifying on Capitol Hill Thursday for the second straight day. This time, he’ll face his longtime critic, Sen. Elizabeth Warren.
In prepared testimony, Dimon said the future of the US economy is unpredictable, as the Fed raises rates but the job market remains robust. He said JPMorgan
(JPM), the world’s largest bank, was “prepared for even the worst outcome.”
But he’ll have to be prepared for Warren, who will likely sound off on consumer banking products, overdraft fees and other controversial decisions big banks have made.
This isn’t the first time Warren has gone head-to-head with Dimon. Last year, Warren called Dimon the “star of the overdraft show” and accused him of prioritizing profits over struggling Americans. “Your bank, JPMorgan, collects more than seven times as much money in overdraft fees per account than your competitors,” she told him.
Dimon responded that Warren’s numbers were “totally inaccurate.”
In testimony at a House hearing Wednesday, Dimon, who leads the nation’s largest consumer bank, warned there’s only a “small chance” the Federal Reserve can successfully lower persistent inflation and avoid plunging the US economy into recession. He also insinuated that Congressional stimulus spending was responsible for the elevated inflation. “I don’t think you can spend $6 trillion and not expect inflation,” he said.
In June, Dimon warned investors to brace themselves for an economic “hurricane.” Dimon clarified on Wednesday that he didn’t think that a so-called economic hurricane was a given but that it’s still a possibility. He urged lawmakers to prepare for the worst “so that we take the right actions if and when that happens.”
Dimon will be joined in the Senate today by Wells Fargo CEO Charles Scharf, Bank of America CEO Brian Thomas Moynihan, Citigroup CEO Jane Fraser, Truist CEO William Rogers Jr., U.S. Bancorp CEO Andy Cecere and PNC CEO William Demchak.