From left; U.S. Bancorp Chairman, President, and CEO Andy Cecere; PNC Financial Services Group Chairman, President, and CEO William Demchak; JPMorgan Chase & Co. Chairman and CEO Jamie Dimon; Citigroup CEO Jane Fraser; Bank of America Chairman and CEO Brian Moynihan; Truist Financial Corporation Chairman and CEO William Rogers Jr.; and Wells Fargo President and CEO Charles Scharf appear before a House Committee on Financial Services Committee hearing on “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks” on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik)Wells Fargo & Company CEO and President Charles Scharf, left, and Bank of America Chairman and CEO Brian Thomas Moynihan, attend a Senate Banking Committee annual Wall Street oversight hearing, Thursday, Sept. 22, 2022, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)
JPMorgan Chase’s Jamie Dimon, Citigroup’s Jane Fraser and other chief executives repeated the message they gave to the House Financial Services Committee on Wednesday: The U.S. consumer is in relatively good shape but faces threats from high inflation and rising interest rates.
Citigroup CEO Jane Fraser testifies at a Senate Banking Committee annual Wall Street oversight hearing, Thursday, Sept. 22, 2022, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)
Senators’ initial comments reflected the lingering populist anger toward Wall Street more than a decade after the financial crisis as well as the looming election.
Bank of America Chairman and CEO Brian Thomas Moynihan testifies at a Senate Banking Committee annual Wall Street oversight hearing, Thursday, Sept. 22, 2022, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)The PNC Financial Services Group Chairman, President, and CEO William Demchak, testifies at a Senate Banking Committee annual Wall Street oversight hearing, Thursday, Sept. 22, 2022, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)
“You are among the most powerful actors in our economy,” said Sen. Sherrod Brown, D-Ohio and the chairman of the Senate Banking Committee. “Your entire industry, and its substantial safety net are supported by American taxpayers. It’s past time for the financial industry to be as good to the American people as the country has been to you.”
Truist Financial Corporation Chairman and CEO William Rogers Jr., testifies at a Senate Banking Committee annual Wall Street oversight hearing, Thursday, Sept. 22, 2022, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)
While billed as a hearing on everyday finances and industry oversight, the CEOs are also getting a hefty dose of election-year politics. Democrats in the House pushed the CEOs on issues like racial equity, the unionization efforts at banks, as well as evergreen financial topics like overdraft fees and fraud.
JPMorgan Chase & Company Chairman and CEO Jamie Dimon testifies at a Senate Banking Committee annual Wall Street oversight hearing, Thursday, Sept. 22, 2022, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)
Republicans were focused on social issues, including banks making the decision to pay for employees’ abortion costs, gun rights and the financing of the oil and gas industry.
Wells Fargo & Company CEO and President Charles Scharf testifies at a Senate Banking Committee annual Wall Street oversight hearing, Thursday, Sept. 22, 2022, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)
“I can’t help but observe that when banks do weigh in on highly charged social and political issues, they seem to always come down on the liberal side,” said Sen. Pat Toomey, R-Pennsylvania, the top Republican on the committee.
U.S. Bancorp Chairman, President, and CEO Andy Cecere, testifies at a Senate Banking Committee annual Wall Street oversight hearing, Thursday, Sept. 22, 2022, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)From left, Wells Fargo & Company CEO and President Charles Scharf, Bank of America Chairman and CEO Brian Thomas Moynihan, JPMorgan Chase & Company Chairman and CEO Jamie Dimon, Citigroup CEO Jane Fraser, Truist Financial Corporation Chairman and CEO William Rogers Jr., U.S. Bancorp Chairman, President, and CEO Andy Cecere, and The PNC Financial Services Group Chairman, President, and CEO William Demchak, are sworn-in to testify at a Senate Banking Committee annual Wall Street oversight hearing, Thursday, Sept. 22, 2022, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)
