Chairman Sherrod Brown (D-OH) concerns Treasury Secretary Janet Yellen and Federal Reserve Chairman Powell throughout a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act, at the Hart Senate Office Building in Washington, DC, September 28, 2021.
Kevin Dietsch|Pool|Reuters
Eight CEOs of the biggest U.S. banks will deal with questioning at a Senate Banking Committee hearing in December, according to a statement gotten by CNBC.
TheDec 6 session will include ceo from JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Bank of New York Mellon, Morgan Stanley, State Street and Wells Fargo
The conference is the 3rd time that Banking Committee Chair Sherrod Brown, D-Ohio, will hold an oversight hearing with the heads of the country’s greatest banks.
Brown set a combative tone in the hearing statement, calling out banks for continuing to “make record profits and to reward corporations that raise prices on Americans.”
“My commitment as chair of this committee is to always put the Main Street economy – and the workers who power it – at the center of everything we do,” Brown stated.
“Part of that commitment is to hear directly from the biggest banks that hold too much power in the economy,” he stated. “It’s our job to hold them accountable to their workers, to their customers, and to the American people.”
Brown and other Banking Committee members have actually increase oversight efforts in 2023, especially concerning 3 banks that stopped working previously in the year, Silicon Valley Bank, Signature Bank and First Republic.
The failure of First Republic in May was the greatest bank failure in the United States considering that the 2008 monetary crisis. JPMorgan gotten First Republic’s deposits and a significant bulk of its properties.
In June, the committee advanced legislation licensing the Federal Deposit InsuranceCorp to claw back payment from senior executives of stopped working banks.
The expense, referred to as the RECOUP Act, cruised through committee with a 21 -2 vote.
Senate Majority Leader Chuck Schumer, D-N.Y., stated he prepares to bring the expense to a vote by the complete Senate., However, the existing dispute over a federal financing step that would prevent a federal government shutdown has actually left little time for other costs.
The prominent hearing might have political ramifications for Brown, who is set to run for reelection in 2024 from Ohio, a state that considering that he last was chosen has actually seen citizens significantly swing Republican.
