Big bank CEOs to face tough questions on Capitol Hill
JPMorgan's Jamie Dimon and Bank of America's Brian Moynihan are among those who will testify before Congress
FOX Business Flash top headlines for September 19
Check out what's clicking on FoxBusiness.com
The chief executives of America's largest retail banks are set to appear before Congress this week in two separate hearings, where lawmakers are expected to question the financial titans over lending practices and an array of social issues such as climate change and workers' access to abortion.
JPMorgan's Jamie Dimon, Bank of America's Brian Moynihan, Citi's Jane Fraser, Wells Fargo's Charles Scharf, U.S. Bancorp's Andy Cecere, PNC Financial Services' William Demchak and Truist Financial's William Rogers, Jr. will appear before the House Committee on Financial Services led by Chairwoman Maxine Waters, D-Calif., on Wednesday. The same witnesses are slated to testify virtually to the Senate Banking Committee led by Chairman Sherrod Brown, D-Ohio, on Thursday.
WASHINGTON, DC - APRIL 10, 2019: (L to R) Michael Corbat, CEO of Citigroup, Jamie Dimon, CEO of JP Morgan Chase, James Gorman, CEO of Morgan Stanley, Brian Moynihan, CEO of Bank of America, Ronald OHanley, CEO of State Street Corporation, Charles Sch (Photo by J. Lawler Duggan/For The Washington Post via Getty Images / Getty Images)
While Democrats on the committees are expected to criticize the bankers for not doing enough to address hot-button political issues, Republicans are expected to criticize them for getting too involved.
SENATE REPUBLICANS DEMAND CREDIT CARD COMPANIES REVERSE DECISION TO TRACK GUN STORE SALES
The House committee hearing is titled "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks." A memo sent to members by the panel's Democratic staff said the CEOs have been asked to testify on "consumer protection and compliance issues, enforcement actions and recidivism; diversity, inclusion, and racial equity; mergers and acquisitions; emerging technologies; and issues relating to the public interest, including worker rights and abortion access, among other topics."
Representative Maxine Waters, a Democrat from California and chairwoman of the House Financial Services Committee, speaks during a hearing in Washington, D.C., U.S., on Thursday, Sept. 30, 2021. (Photographer: Al Drago/Bloomberg via Getty Images / Getty Images)
The memo explains, "As Congress looks to tackle major issues such as pervasive racial inequalities in financial services, systemic risks to our financial system, including climate change, as well as the ongoing COVID-19 pandemic, and Russia’s invasion of Ukraine, this hearing will bring greater transparency and accountability for the actions of these major industry players."
PRESIDENT BIDEN DECLARES THAT THE COVID-19 PANDEMIC ‘IS OVER’ WEEKS BEFORE THE MIDTERM ELECTIONS
Republican members, conversely, are planning to press the CEOs for bending to pressure from the left and wading too far into the culture wars, arguing that political issues are best left to representatives elected by the people.
WASHINGTON, DC - MAY 19: Sen. Pat Toomey (R-PA) speaks at the Senate Banking, Housing and Urban Affairs hearing at the US Capitol on May 19, 2022 in Washington, DC. (Photo by Tasos Katopodis/Getty Images / Getty Images)
"Expect Senate Banking Republicans to make the case that banks should stick to the business of banking and stay out of contentious social and political issues, like global warming, abortion, and gun control," a Senate Banking Committee GOP aide told FOX Business.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The aide added, "Republicans will send a clear warning to these financial institutions: If banks don’t reverse course, they should expect more backlash from Republicans, which could include Republicans seeking to pressure banks to advance their social and political objectives when they’re in power."
FOX Business' Tyler Kendall contributed to this report.