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Wednesday, October 5, 2022

USA: Bank chiefs talk inflation in Congress

NEW YORK ( Associated Press) – CEOs of America’s biggest banks faced a second day of questions from lawmakers on Thursday, as citizens grapple with the highest inflation since the early 1980s and only a few left for legislative elections. There are weeks left.

JPMorgan Chase’s Jamie Dimon, Citigroup’s Jane Fraser and other CEOs reiterated the message to the House Financial Services Committee on Wednesday: America’s consumer is in relatively good shape, but faces threats of rising inflation. Higher and rise in interest rates.

In their opening remarks, the senators reflected the anger of voters on Wall Street, more than a decade after the financial crisis. He also talked about the upcoming election.

“You are among the most powerful players in our economy,” said Ohio Democratic Sen. Sherrod Brown, chairman of the Senate Banking Committee. “Its entire industry and critical safety net is backed by American taxpayers. It’s time for the financial arm to be as good for the American people as the country has been for you.”

While billed as hearings on daily finance and industry oversight, the CEO also receives a heavy dose of political issues in the midst of an election year. House Democrats pressured bank managers on issues such as racial equality and federalization efforts at banks, as well as perennial financial issues such as overdraft fees and fraud.

“Mrs. Fraser, it’s nice to see you because this is the only display of diversity we’ve seen in this industry,” said Sen. Bob Menendez, a Democrat from New Jersey.

World Nation News Desk
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