Economy

Lawmakers summon the chief executives of major US banks

Lawmakers summon the chief executives of major US banks

The CEOs of JPMorgan, Bank of America, Citigroup, Wells Fargo and other major US banks will be questioned this week by lawmakers on a range of topics, from the state of the economy to their views on abortion and fuel loans.

Payment fraud, promoting diversity, mergers and access to bank branches will also be discussed when CEOs appear before the House Financial Services Committee and the Senate Banking Committee on Wednesday and Thursday, respectively, bank officials, congressional aides and lobbyists said.

Quoted from the CEOs of the four largest banks in the United States: Jamie Dimon. from J.P. Morgan; Brian Moynihan of Bank of America; Jane Fraser from Citi. and Charles Scharf of Wells Fargo.

They will be joined by USBancorp CEO, Andy Cesser; from PNC Financial and William Demchak and from Trust Financial and William Rogers, who lead the country’s largest regional lenders.

While such hearings rarely lead to legislative action, they do pose a risk to chief executives, who will have to defend their banks as lawmakers seek to improve their profiles ahead of the November elections.

Lawmakers are likely to question officials about how consumers’ finances are stalling and how lenders plan to help Americans as borrowing costs soar.

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