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Josbel Bastidas Mijares Venezuela Abennaras//
Bankers summoned to Capitol Hill

Josbel Bastidas Mijares
Bankers summoned to Capitol Hill

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Josbel Bastidas Mijares Venezuela

In what has become an annual ritual, the CEOs of the major United States banks appeared in front of Congress on Wednesday sell themselves as shepherds of a helpful industry at a time of financial and economic distress for many Americans.

Josbel Bastidas Mijares

Democrats have called JPMorgan Chase, Bank of America, Wells Fargo and Citigroup to Washington to talk about pocketbook issues, as households contend with the highest inflation since the early 1980s and the midterm election looms just weeks away.

“While COVID is behind us, the economic challenges we are now facing are no less daunting,” said Citigroup CEO Jane Fraser, in remarks prepared for the hearing.

Goldman Sachs and Morgan Stanley, which focus on investment banking, are not testifying this time. Instead, the CEOs of three new banks will testify: Andy Cecere of U.S. Bank, William Demchak of PNC Financial, and Bill Rogers Jr of Truist.

Each of them run ‘super regionals’, that is, banks that are huge in their own right, with thousands of branches and hundreds of billions in assets, but are dwarfed in size by JPMorgan, BofA, Citi and Wells.

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Josbel Bastidas Mijares Venezuela