Panel sets date for Dimon to testify

Panel sets date for Dimon to testify

WASHINGTON

JPMorgan Chase CEO Jamie Dimon is being asked to appear before Senate and House panels next month to answer questions about the bank’s $2 billion-plus trading loss.

The Senate Banking Committee on Friday scheduled a June 7 hearing for Dimon to testify. The hearing is one day after federal regulators appear before the panel on the topic.

Dimon says through a spokeswoman that he will testify. He has yet to commit to the June 7 hearing. But he is discussing dates with the panel and the House Financial Services Committee.

Oil price holds near 2012 low

NEW YORK

The price of oil held near the lowest levels of the year on a quiet Friday ahead of the holiday weekend.

Benchmark U.S. crude on Friday added 20 cents to finish the week at $90.86 per barrel in New York while Brent crude rose by 28 cents to end at $106.83 per barrel in London.

Both crude varieties have tumbled this month on forecasts of weaker world demand and higher supplies. U.S. crude closed Wednesday at $89.90, its lowest close since October.

Summer tax vote

WASHINGTON

The House will vote this summer on continuing wide-ranging tax cuts first enacted under President George W. Bush, House Majority Leader Eric Cantor said Friday as the GOP sharpened its plans for confronting Democrats on one of the election’s top issues.

In a memo to fellow Republican lawmakers, Cantor said the House would vote on extending those tax cuts before leaving Washington for its August recess.

Vindicator wire reports