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USA: Bank chiefs speak of inflation in Congress

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NEW YORK — The CEOs of America’s biggest banks faced a second day of questions from lawmakers Thursday, as citizens grapple with the highest inflation since the early 1980s and weeks to go. for legislative elections.

JPMorgan Chase’s Jamie Dimon, Citigroup’s Jane Fraser and other CEOs repeated the message they gave to the House Financial Services Committee on Wednesday: America’s consumer is in relatively good shape, but faces threats of rising inflation. high and an increase in interest rates.

In their opening remarks, the senators reflected voters’ lingering anger at Wall Street, more than a decade after the financial crisis. They also talked about the upcoming elections.

“You are among the most powerful players in our economy,” said Ohio Democratic Sen. Sherrod Brown, chairman of the Senate Banking Committee. “Its entire industry and important safety net is supported by American taxpayers. It is time for the financial branch to be as good to the American people as the country has been to you.”

While billed as a hearing on day-to-day finance and industry oversight, CEOs also get a heavy dose of political issues in the midst of an election year. House Democrats pressed bank managers on issues like racial equity and unionization efforts at banks, as well as perennial financial issues like overdraft fees and fraud.

“Mrs. Fraser, it’s good to see you because it’s the only display of diversity that we’ve seen in this industry,” said Sen. Bob Menendez, a Democrat from New Jersey.

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