Jamie Dimon to deal with senators


New York
CNN business

JPMorgan CEO Jamie Dimon is testifying on Capitol Hill for the second day on Thursday. This time, he will face his longtime critic, Senator Elizabeth Warren.

In prepared testimony, Dimon said the future of the U.S. economy is unpredictable as the Fed raises rates but the labor market remains strong. He said JPMorgan ( JPM ), the world’s biggest bank, was “prepared for even the worst outcome.”

But he’ll have to be prepared for Warren, who will likely hear him on consumer banking products, overdraft fees and other controversial decisions the 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 struggling Americans of prioritizing profits. “Your bank, JPMorgan, collects seven times more money in overdraft fees per account than your competitors,” he told her.

Dimon responded that Warren’s numbers were “absolutely wrong.”

in testimony at During a House hearing on Wednesday, Dimon, who heads the nation’s largest consumer bank, warned that the Federal Reserve has only a “tiny chance” of reducing persistent inflation and preventing the US economy from plunging into recession. He also pointed out that Congressional stimulus spending was responsible for high inflation. “I don’t think you can spend $6 trillion and not expect inflation,” he said.

In June, Dimon warned investors to prepare for an economic “hurricane.” Dimon clarified Wednesday that he did not believe an economic hurricane was imminent, but that it was still a possibility. He asked the members of parliament to prepare for the worst “so that we can take the appropriate actions if and when it 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., US Bancorp CEO Andy Cecere and PNC CEO William Demchak.