JPMorgan Chase CEO Jamie Dimon plans to tell Congress that the U.S. economy faces “storm clouds,” according to prepared testimony, Reuters has reported.
Dimon is due to testify alongside U.S. bank CEOs at congressional hearings Wednesday and Thursday, about the nation’s economy and the tough challenges ahead.
“While these storm clouds build on the horizon, even the best and brightest economists are split as to whether these could evolve into a major economic storm or something much less severe,” Dimon’s testimony states. “This is bad for America, as it handicaps regulated banks at precisely the wrong time, causing them to be capital constrained and reduce growth in areas like lending, as the country enters difficult economic conditions,” he warned.
As strong consumer spending and a robust job market in the U.S. is giving some good news, the economy is still suffering from the effects of the war in Ukraine, global supply chain constraints and high inflation which the Federal Reserve is trying to contain.
The CEOs testifying include heads of the four largest U.S. banks. Bank of America’s Brian Moynihan, Citi’s Jane Fraser and Wells Fargo’s Charles Scharf, among others, will also be in Congress.
The hearing will seek CEO testimony on a range of issues, including consumer protection, compliance issues and diversity.