The CEOs of the nation’s biggest banks returned to Capitol Hill for a second day Thursday, and Senate Democrats strongly urged them to do more to help and protect their customers, while Republicans questioned whether banks should weigh in on hot-button social issues.
The bank leaders testified at a time when prices for food and other necessities are the highest in decades. JPMorgan Chase’s Jamie Dimon, Citigroup’s Jane Fraser and five other chief executives repeated the message they gave to a House panel Wednesday: The U.S. consumer is in relatively good shape but faces threats from high inflation and rising interest rates.
Senators’ initial comments reflected the lingering populist anger toward Wall Street more than a decade after the financial crisis as well as the looming election.
“You are among the most powerful actors in our economy,” said Sen. Sherrod Brown, D-Ohio and the chairman of the Senate Banking Committee. “Your entire industry, and its substantial safety net are supported by American taxpayers. It’s past time for the financial industry to be as good to the American people as the country has been to you.”
While billed as hearings on everyday finances and industry oversight, the CEOs also received a hefty dose of election-year politics in both chambers of Congress.
“Ms. Fraser it’s good to see you because you’re about the only diversity we have seen in this industry,” said Sen. Bob Menendez, D-New…
