Robert Besser
23 Sep 2022, 05:36 GMT+10
WASHINGTON D.C.: The chief executives of JP Morgan, Bank of America, Citigroup, Wells Fargo and other major U.S. retail banks were questioned this week by House Financial Services Committee and Senate Banking Committee lawmakers.
The questions covered the wider economy, as well as the banker's individual stances on abortion and fossil-fuel loans, payment fraud, diversity, mergers and access to bank branches.
The CEOs included those of the four largest American banks, including JPMorgan's Jamie Dimon, Bank of America's Brian Moynihan, Citi's Jane Fraser and Wells Fargo's Charles Scharf.
Such hearings rarely result in legislative action, but can be risky for CEOs forced to defend their banks, as lawmakers will aim to expand their profiles ahead of November elections.
The hearing comes amidst concerns that the Federal Reserve will increase interest rates to curb inflation, which could tip the country into a recession.
JPMorgan's Dimon said in June that the U.S. economy was facing a "hurricane," but could not predict how it might impact the economy. The CEOs are likely to be grilled on how consumers' finances are holding up and how lenders can assist Americans amidst rising
borrowing costs.
In a statement to Reuters, Senate Banking Committee chair Senator Sherrod Brown said, "We will continue to hold the nation's biggest banks accountable so that Americans can keep more of their hard-earned money at a time that they need it most."
The banks sought to highlight how well they performed during the COVID-19 pandemic and helped distribute billions of dollars of aid, as well as promote racial equity and increase staff diversity.
"There is a lot for our banks to point to, to demonstrate how much they have done to support consumers, small businesses, and the economy throughout the pandemic and continuing today," said Lindsey Johnson of the Consumer Bankers Association, as reported by Reuters.
Since the 2007-2009 financial crisis, Democrats have taken a tough stance on the banking industry and are expected to keep up the pressure at the hearings.
But bank executives are also wary of growing criticism from their traditional Republican allies over Wall Street's increasingly liberal stances on environmental and social issues.
Get a daily dose of Paris Guardian news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Paris Guardian.
More InformationDHAKA, Bangladesh - The Anti-Corruption Commission (ACC) has filed a case against 13 members of Grameen Telecom's board of directors, ...
WASHINGTON D.C.: The U.S. Commerce Department has said that trade ministers from 14 countries have taken part in the US-led ...
LOUISVILLE, Kentucky: Two horses that succumbed to their injuries at Churchill Downs have become the 11th and 12th fatalities over ...
FREMONT, California: Brain implant company Neuralink announced that it has received approval from US regulators to begin human brain implant ...
JEFFERSONVILLE, Indiana: Randy Lankford, owner of Lankford Funeral Home and Family Center in Jeffersonville, Indiana, has pleaded guilty to more ...
DENVER, COLORADO: A federal judge has ruled that a rural Colorado school district can ban a high school student from ...
BURBANK, California: Over the US Memorial Day weekend, Disney's live-action remake of its 1989 animated classic, "The Little Mermaid," brought ...
NEW YORK CITY, New York: The Nielsen company said that CBS has again claimed the title of most-watched television network ...
NEW YORK, New York - U.S. and global stocks tumbled Wednesday as lawmakers continued to navigate their way through Congress ...
PORTLAND, Maine: Fishermen in the US's only commercial-scale fishing industry for valuable baby eels, called elvers, have recorded a productive ...
LAS VEGAS, Nevada: A bill was introduced in the Nevada Legislature to provide the Oakland Athletics up to $380 million ...
WASHINGTON D.C.: Due to one of the tightest labor markets in decades, teenagers, who have been vital for filling summer ...