Kevin Wack is a California-based reporter for American Banker who covers the U.S. consumer finance industry. He was formerly the newspaper's Capitol Hill correspondent. Earlier, he worked on financial policy in Washington, first as a fellow with the Senate Permanent Subcommittee on Investigations and later as senior editor for the Congressional Oversight Panel for TARP. Wack has also reported for the Associated Press and worked as the investigative reporter for the Portland Press Herald in Maine. A St. Louis native, Wack is a graduate of Stanford University and holds a master's degree from Northwestern University's Medill School of Journalism.
The proposal to let the U.S. Postal Service become a bank is a hard sell, but the idea has legs for political, legal and business reasons. Here are answers to the top questions about the provocative idea.
The Senate Banking Committee announced Thursday that it has invited JPMorgan Chase CEO Jamie Dimon to testify about the firm's $2 billion trading loss. A bank spokeswoman said Dimon has agreed to testify.