Congress to confront big banks on social issuesATM Marketplace


Lawmakers in Congress will be confronting the chief executives of JPMorgan, Bank of America, PNC, Citigroup, Wells Fargo and other big banks on a variety of social issues, including abortion, fossil-fuel lending, payments fraud, diversity, mergers and access to branches. During the hearings, CEOs including JPMorgan’s Jamie Dimon, Bank of America’s Brian Moynihan, Citi’s Jane Fraser, Wells Fargo’s Charles Scharf and others will have to defend their bank’s record, according to a report by Reuters.

These types of hearings do not typically result in legislative action, but can be difficult for bank CEOs, especially during a midterm election year when representatives and senators will be looking to impress constituents. Last year, Dimon had to answer about overdraft fees from Democratic Senator Elizabeth Warren.

“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,” Senator Sherrod Brown, chair of the Senate Banking Committee, told Reuters.

Legislative committees have also sent private letters to bank CEOs on issues such as wages, carbon emissions, abortion and other issues. However, banks are also under pressure from Republicans who are cracking down on banks for going against oil and gun industries.

“Americans deserve to hear how these banks will support their customers through troubling economic headwinds … instead of far-left talking points,” Patrick McHenry, the top Republican on the House panel, told Reuters.



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