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Financial institution CEOs to testify as U.S. Congress ramps up scrutiny of Wall Avenue By Reuters 



© Reuters. FILE PHOTO: The solar units behind the U.S. Capitol dome in Washington

By Michelle Worth

WASHINGTON (Reuters) -The U.S. Congress will maintain hearings subsequent month with the chief executives of main Wall Avenue banks as Democratic lawmakers step up scrutiny of the function lenders have performed in serving to struggling People recuperate from the COVID-19 pandemic.

The Home Monetary Companies Committee and the Senate Banking Committee will hear testimony from JPMorgan Chase & Co (NYSE:), Financial institution of America Corp (NYSE:) , Citigroup Inc (NYSE:) , Wells Fargo (NYSE:) & Co , Goldman Sachs Group Inc (NYSE:) and Morgan Stanley (NYSE:), in response to a discover from the Home of Representatives committee.

The digital hearings scheduled for Might 26 and 27 may decide how a lot legislative and political threat the largest banks will face by 2022, Jaret Seiberg at Cowen Washington Analysis Group wrote on Thursday.

“These hearings might provide extra upside than threat. A powerful efficiency from the financial institution executives might discourage progressive Democrats from scheduling extra hearings or from introducing opposed laws,” he added.

Whereas the business’s picture in Washington has improved for the reason that monetary disaster a decade in the past, Democratic lawmakers have expressed skepticism that lenders are doing all they’ll to assist People and small companies harm by the pandemic.

They’re prone to grill the CEOs on the business’s function within the small-business Paycheck Safety Program and ask them to deal with considerations, flagged by a number of congressional stories, that lenders dished out the money to fraudsters and discriminated in opposition to some debtors.

Business officers additionally count on lawmakers to concentrate on how mortgage lenders are serving to owners, and whether or not they’re doing sufficient to stop a foreclosures disaster. Different Democratic objectives, together with tackling racial injustice and local weather change, are additionally anticipated to characteristic within the dialogue.

After the banks posted bumper income on this yr’s first quarter and as President Joe Biden floats the concept of elevating taxes on the rich, the millionaire chief executives are additionally prone to be grilled on whether or not Wall Avenue and its wealthy executives pay sufficient to the federal government.

Representatives for the banks declined to remark.

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