With a two-part government funding deal passed in late November that goes through January 19th and February 2nd, it ended up being a quiet month on Capitol Hill. Legislators tied up last minute legislation and then went on their holiday break. However, even with funding continuing into the new year, some committees continued to work, including the Senate Banking Committee which conducted its annual Wall Street oversight hearing with the CEOs of the eight largest banks testifying.
Big Bank CEOs Testify
On December 6th, the CEOs for the eight largest banks in the country, Wells Fargo, Bank of America, JPMorgan Chase, Citi, State Street, BNY Mellon, Goldman Sachs, and Morgan Stanley, all testified in front of the Senate Banking Committee. Prior to the hearing, Better Markets created a fact sheet on the key issues that the bank CEOs should address during their testimony. This included setting the record straight on capital, Wall Street lawbreaking, climate risk, and crypto in banking. Unfortunately, the hearing was filled with misleading claims from the CEOs on the proposed capital requirements as they continue their attempts to weaken the rules. Better Markets will continue to combat these misleading claims and highlight the real reason CEOs want weak capital rules — to continue receiving large bonuses. Be sure to read our fact sheet here, Dennis’s Op Ed here, and the press release in response to the hearing here.