US big banks approved by Congress on consumer and social issues

On September 19, CEO of JPMorgan, Bank of America, Citigroup, Wells Fargo and other major US retail banks will be discussed this week by lawmakers on issues ranging from the economic situation to the position. Of them. Fraud, payments, diversity promotion, mergers and acquisitions into bank branches are also expected to feature when the CEO appears before the House Financial Services Committee and the Board of Directors. The Senate Banking Committee on Wednesday and Thursday, respectively, according to bank officials, parliamentary assistants and lobbyists.

Among them are the CEOs of JPMorgan’s four largest US banks: Jamie Dimon of JPMorgan, Brian Moynihan of Citi’s Jane Fraser and Charles Scharf of Wells Fargo. They will be joined by USBancorp (USB.N) CEO Andy Cecere, PNC Financial (PNC.N) CEO William Demchak and Truist Financial CEO William Rogers, who manages the country’s largest regional lending company. While such hearings rarely result in legislative action, they still risk for executives who will be forced to defend their banks at many front lines as lawmakers seek to boost their profile ahead of the legislature. Vote November. Lawmakers are likely to ask CEOs how consumers’ finances are holding and how lenders plan to help Americans as borrowing costs rise. “We will continue to hold the nation’s largest bank accountable so that Americans can keep their money,” Senator Sherrod Brown, chairman of the Senate Banking Committee, told Reuters. With their hardships more when they need it most.” Banks believe they have a positive thing. To tell how well they did during the COVID-19 pandemic, while distributing billions of dollars in aid. Their continued role in the wider economy; And their efforts to raise wages for workers, promote ethnic equity in the communities they serve and promote employee diversity, ”said the bank’s CEO, lobbyist and business team. During private meetings with key lawmakers over the past few weeks, the Committee has asked CEOs to provide details on their capital levels, bank locations, staff salaries, payroll operations, share repurchases, and other matters. Fargo Tim Sloan resigned abruptly in March 2019, two weeks after stumbling during a congressional hearing on the bank’s progress in resolving its regulatory issues. The hearing comes amid growing concerns that a central bank rate hike aimed at curbing inflation could lead the country into a recession. In June, Jamie Dimon said the US economy was facing an “economic crisis” but could not predict how bad it would be.

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