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Banking executives testify before Congress
Subject: 11000000 – Politics
•| Politics |•| 11000000 | •| POLY |
Banking executives testify before Congress
WASHINGTON, D.C. — Three Ohio lawmakers had a chance to question the CEOs of America’s largest banks on Wednesday.
Amid historic – and ongoing – financial discrimination, predatory lending, the lack of safeguarding of sensitive data and with the financial industry slowly inching closer to diversity, some bankers received a mix of criticism and praise from lawmakers.
Rep. Joyce Beatty, D-Ohio, who chairs the Congressional Black Caucus and Subcommittee on Diversity and Inclusion, commended the CEOs for meeting with her throughout the last year to discuss ways to diversify the world of banking.
“You have moved the needle, and that’s what I asked you to do. You sucked before that. And many still have a lot of work to do,” Beatty said during the hearing.
Rep. Anthony Gonzalez., R-Ohio, a staunch China hawk, called on the financial leaders to use caution when it comes to the world’s most populous country.
“I would encourage your banks to be a lot more thoughtful about the role that you all play in facilitating the Chinese economy,” he said.
And Ohio Rep. Warren Davidson, a conservative and longtime advocate for cryptocurrency, continued his push to get Congress and the big banks to take the digital currency market more seriously.
“Unfortunately in the crypto space, roughly 70% of the liquidity is offshore. And I think that’s a burden for this body here in Congress to provide regulatory clarity,” Davidson said.
The CEOs were asked to touch on everything from inflation to their banks’ profits to the business they do with foreign adversaries like Russia.
Jamie Dimon of JPMorgan Chase called for less regulation and more cooperation with congress.
“What this country needs most is free enterprise, extraordinarily competent government and policies and more civic-minded companies and citizens,” Damon added.
The CEOs will testify before the Senate on Thursday.
‘News of the Day’ content, as reported by public domain newswires.
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