Big bank CEOs face 2nd day of questioning from lawmakers

NEW YORK (AP) — The CEOs of the nation’s largest banks confronted a second day of powerful questioning from lawmakers on Thursday, as People cope with the very best inflation for the reason that early Nineteen Eighties and a midterm election is simply weeks away.

JPMorgan Chase’s Jamie Dimon, Citigroup’s Jane Fraser and different chief executives repeated the message they gave to the Home Monetary Companies Committee on Wednesday: The U.S. client is in comparatively fine condition however faces threats from excessive inflation and rising rates of interest.

Senators’ preliminary feedback mirrored the lingering populist anger towards Wall Road greater than a decade after the monetary disaster in addition to the looming election.

“You might be among the many strongest actors in our financial system,” stated Sen. Sherrod Brown, D-Ohio and the chairman of the Senate Banking Committee. “Your whole business, and its substantial security internet are supported by American taxpayers. It’s previous time for the monetary business to be pretty much as good to the American individuals because the nation has been to you.”

Whereas billed as a listening to on on a regular basis funds and business oversight, the CEOs are additionally getting a healthy dose of election-year politics. Democrats within the Home pushed the CEOs on points like racial fairness, the unionization efforts at banks, in addition to evergreen monetary subjects like overdraft charges and fraud.

Republicans had been centered on social points, together with banks making the choice to pay for workers’ abortion prices, gun rights and the financing of the oil and fuel business.

“I can’t assist however observe that when banks do weigh in on extremely charged social and political points, they appear to all the time come down on the liberal aspect,” stated Sen. Pat Toomey, R-Pennsylvania, the highest Republican on the committee.