Connect with us

Hi, what are you looking for?


Congress to grill CEOs of top US banks on the state of the economy

Congress will, this week, grill CEOs of top US banks, including JPMorgan Chase & Co (NYSE: JPM), Bank of America Corp (NYSE: BAC), Wells Fargo & Co (NYSE: WFC), Citigroup Inc. (NYSE: C), and other retail banks on a range of issues regarding the state of the economy and their stand on issues like fossil-fuel lending.

Congress to grill CEOs of US’s top banks

According to congressional aides, bank officials, and lobbyists, the CEOs will appear before the Senate banking Committee and the House Financial Services Committee. Other issues during the grilling include boosting diversity, access to bank branches, mergers, and payments fraud.

The CEOs to appear before the Senate Committee include JPMorgan’s James Dimon, Citi’s Jane Fraser, Wells Fargo’s Charles Scharf, Bank of America’s Brian Moynihan, and PNC Financial CEO William Demchak, Truist Financial CEO William Rogers, and USBancorp CEO Andy Cecere.

Even though these sessions seldom lead to legislative change, they are nonetheless dangerous for CEOs since they will have to defend respective institutions on various fronts as lawmakers try to improve their reputations before the Midterm elections.

The hearing occurs amid mounting concerns that rate increases by the Federal Reserve intended to combat inflation might push the nation into an economic crisis.

Jamie Dimon: US economy facing “storm clouds.”

JPMorgan CEO Jamie Dimon is expected to inform Congress that the US economy is facing “storm clouds” based on his prepared testimony. Dimon will highlight the competing forces the US economy is facing. He explains that a solid job market and robust consumer spending are signs of resilience but disrupted supply chains, high inflation, and the Ukraine conflict portend difficult times.

Dimon’s testimony stated:

While these storm clouds build on the horizon, even the best and brightest economists are split as to whether these could evolve into a major economic storm or something much less severe.

Another significant economic risk could be the strict rules requiring banks to hold more money which might affect lending capacity. Following the 2008 financial downturn, global regulators instituted strong capital conditions on financial institutions.

Dimon warns this is bad for the US since it handicaps regulated banks, leaving them cash-constrained and impacting growth areas such as lending as the economy faces challenging times.

The post Congress to grill CEOs of top US banks on the state of the economy appeared first on Invezz.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like


    Inflation appears to be on the decline. The Personal Consumption Expenditures Price Index (PCEPI), which is the Federal Reserve’s preferred measure of inflation, grew...


    Solana (SOL/USD) is enormously underrated as a cryptocurrency project, even with its hiccups – including the latest exploit on one of the ecosystem apps....

    Editor's Pick

    The new eSIM infrastructure will help modernise the IoT connectivity market with fast, secure connections and reduced vendor lock-in. 1oT, a tech startup from...


    The latest Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics shows the total number of job openings in the economy...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023