The CEOs, however, received praise for their work on financial inclusion and helping American ex-servicemen get their entitlements. Brown also urged the banks to stop lobbying against regulatory measures designed to protect taxpayers. The article also notes that Jaime Dimon of JP Morgan, who recently advocated for banning crypto, exemplifies the complex relationship between politics and money, and the potential conflicts that can arise.
Key takeaways:
- The CEOs of top-tier U.S. banks, including JPMorgan, Bank of America and Citigroup, faced Congress to argue against capital hikes and new regulations, citing potential economic gloom and stifling of lending.
- The Basel Endgame proposal, a potential game-changer in capital calculation, was a primary target of the CEOs. They aimed to convince lawmakers that stringent regulations could impede lending, affecting small businesses and consumers.
- Despite the CEOs' efforts, skepticism loomed among lawmakers. Committee's chair, Sherrod Brown, emphasized the need for accountability and safety, especially after recent bank collapses.
- Brown also urged banks to stop lobbying against regulatory measures designed to protect taxpayers. He pointed out the banks' involvement in social issues, including voter identification laws, and warned that opposition to Republicans on these issues could lead to lack of support in their fight against regulations.