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JPMorgan CEO Jamie Dimon among banking executives to discuss inflation on Capitol Hill

Yahoo Finance reporter Alexandra Semenova previews JPMorgan CEO Jamie Dimon's upcoming congressional testimony about inflation and the overall state of the U.S. economy.

Video Transcript

- All right JPMorgan Chairman and CEO Jamie Dimon issuing another warning on the state of the economy ahead of an appearance on Capitol Hill tomorrow. Yahoo Finance's Alexandra Semenova has the details for us. And Alex, what can you tell us? I believe I saw storm clouds in his prepared testimony.

ALEXANDRA SEMENOVA: Oh, yeah, Jamie Dimon always likes talking about the weather when it comes to the economy. Well, Wall Street is heading to Washington. The biggest leaders of banks are headed to Capitol Hill this week to have their annual meetings on compliance issues and consumer protection.

But it is inevitable in this macroeconomic backdrop that they will also be discussing the economy and how their customers are grappling with inflation. That is expected to be a big focus of those discussions. And we can see that in testimony published today by the House Financial Services Committee of what's to come at those hearings, JPMorgan's CEO Jamie Dimon, for example, calling the US economy a tale of two cities, pointing to still strong consumer spending, a tight labor market against a backdrop, of course, of inflation, supply chain issues, and quantitative tightening by the Federal Reserve.

Now on the regulatory front, Dimon complained about higher capital requirements. That is the amount of liquid capital financial institutions are required to hold by regulators. This is so that their holdings are not comprised mainly of investments that could result in default. He calls this bad for America.

Meanwhile, Wells Fargo CEO Charles Scharf, in his testimony, also hammered down on the topic of regulation, though he took a bit of a different tone. He asked Congress for patience, as Wells Fargo tries to get back to regulatory requirements, saying that it may take them years of work. Wells Fargo has had a number of issues in recent years on the regulatory front.

- And we will be closely be watching that testimony tomorrow. Alex, thanks so much for joining us.