Chairman Sherrod Brown (D-OH) queries Treasury Secretary Janet Yellen and Federal Reserve Chairman Powell in a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act, at the Hart Senate Office Building in Washington, DC, on September 28, 2021.
Kevin Dietsch | Pool | Reuters
Eight CEOs of the largest U.S. banks will face questioning at a Senate Banking Committee hearing in December, according to an announcement obtained by CNBC.
The session, scheduled for December 6, will feature chief executive officers from JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Bank of New York Mellon, Morgan Stanley, State Street, and Wells Fargo.
The upcoming hearing will be the third time that Banking Committee Chair Sherrod Brown, D-Ohio, has convened an oversight hearing with the heads of the nation’s largest banks.
In the announcement for the hearing, Brown adopted a confrontational tone, criticizing banks for their continued “record profits” and their support of corporations that raise prices for Americans.
“As the chair of this committee, my commitment is to always prioritize the Main Street economy and the workers who drive it,” said Brown.
“Part of that commitment is to directly hear from the major banks that hold significant power in the economy,” he added. “It is our responsibility to hold them accountable to their employees, their customers, and the American people.”
Brown and other members of the Banking Committee have increased their oversight efforts in 2023, particularly focusing on three banks that experienced failures earlier in the year: Silicon Valley Bank, Signature Bank, and First Republic.
The collapse of First Republic in May marked the largest bank failure in the United States since the 2008 financial crisis. JPMorgan acquired First Republic’s deposits and a significant majority of its assets.
In June, the committee passed legislation authorizing the Federal Deposit Insurance Corp. to recover compensation from senior executives of failed banks.
The bill, known as the RECOUP Act, received overwhelming support in the committee with a 21-2 vote.
Senate Majority Leader Chuck Schumer, D-N.Y., has expressed his intention to bring the bill to a vote by the full Senate. However, the ongoing debate over a federal funding measure to avoid a government shutdown has left little time for other bills.
The high-profile hearing could have political implications for Brown, who is expected to run for reelection in Ohio in 2024. The state has seen a growing trend of Republican-leaning voters since Brown was last elected.
Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
