CEOs of some of the biggest banks in the country are expected to appear before the House Financial Services Committee today and the Senate Banking Committee tomorrow. The title of the hearings is “Holding Megabanks Accountable.”
JPMorgan’s Jamie Dimon, Bank of America’s Brian Moynihan, Citi’s Jane Fraser, and Wells Fargo’s Charles Scharf will all be in attendance, along with CEOs of big regional banks including USBancorp, PNC Financial, and Truist Financial.
Lawmakers are expected to question the CEOs about how consumer finances are holding up, and how the lenders plan to assist American consumers as borrowing costs rise.
In prepared remarks, JPMorgan’s Dimon will warn Congress of economic “storm clouds,” while Wells Fargo CEO Scharf will urge patience as the bank addresses longstanding regulatory issues. In his testimony, Scharf said the bank is still at risk for setbacks as it prioritizes addressing a number of regulatory concerns.
"JP Morgan, Citi, and Bank of America, the nation's biggest banks, have only gotten bigger over the past five years, with over $10 trillion in assets between them. Since we are heading into a contentious midterm election season, we can expect the CEOs of those banks to face questioning over hot-button political issues like climate change, overdraft fees, and fairness in ending abortion," said Caleb Silver, Editor-in-Chief of Investopedia.