Jamie Dimon goes head-to-head with US Sen. Elizabeth Warren

Jamie Dimon to face off with senators

JPMorgan Chase CEO warns policy makers to be 'prepared for the worst'ReplayMore Videos ... (14 Videos)JPMorgan Chase CEO warns policy makers to be 'prepared for the worst'Alex Jones back in court, the Ethereum merge, and Facebook's young people problemMusk vs. Twitter, Elizabeth Holmes seeks new trial, and the battle over returning to the officeNFT collapse, inflation 'pain,' and Serena's next play. Welcome to 'Nightcap'Twitter whistleblower fallout, the debate over student loan forgiveness and quiet quitting, explainedThe rent is too high, SEC isn't laughing at Elon Musk's tweet, and the Peloton bubble is burstingInflation cools, new electric car tax credits explained, and Elon Musk's promisesCrypto hack attacks, banning stock trading in Congress, and J.Crew cool again? Welcome to 'Nightcap'Why Kylie Jenner and Kim Kardashian are annoyed with Instagram: Welcome to 'Nightcap'Dropping home sales, Netflix's subscriber woes, and fake Amazon reviews: Welcome to 'Nightcap'Twitter sues Musk, summer travel chaos, and a golf civil war: Welcome to this week's 'Nightcap'Crypto collapse, recession worries, and AI art: Welcome to this week's 'Nightcap'Juul's in trouble. So is crypto. We explain it allCrypto is collapsing. Mortgage rates are soaring. Here's what it all meansNew York (CNN Business)JPMorgan CEO Jamie Dimon is testifying on Capitol Hill Thursday for the second straight day. This time, he'll face 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.Warren slams Jerome Powell over interest rate comments: 'I'm very worried that the Fed is going to tip this economy into recession'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."Read MoreIn 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 will be able to successfully lower persistent inflation and avoid plunging the US economy into recession. He also insinuated that Congressional stimulus spending was responsible for 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 a so-called economic hurricane was a given but that it was 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.

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