Banking

Banker's 'Half Dozen' To Testify Before Congress This Spring

Bank CEOs to Tesify Before Congress This Spring

Call it a reunion of sorts, a gathering of banking execs not seen since the less-than-heady days of the financial crisis a decade ago.

The Wall Street Journal reported that six CEOs from the largest banks in the country – perhaps a bit tongue in cheek, we could call them a “banker’s half dozen” – are going to testify before Congress as early as this spring.

The hearing will take place before the House Financial Services Committee – which, of course, is newly transformed under a House that has switched to Democratic control. The House is where the spotlight is likely to be trained on the banking industry a bit more closely moving forward.

As The WSJ noted, the hearing, slated for March or April, will include the chief executive officers of Bank of America Corp., Goldman Sachs Group Inc., JPMorgan Chase & Co., Citigroup Inc., Morgan Stanley and Wells Fargo & Co.

The timing – as in the months in which the hearings would be held – was suggested by unnamed sources familiar with the proceedings, said the publication.

The intent to hold hearings comes in the wake of a pledge by Rep. Maxine Waters, the congresswoman who now chairs that committee, to review the banks. There will be, Waters said last week in a speech, many hearings that will focus not only on the banks, but also on allegations that companies have harmed consumers, drawing scrutiny to firms such as Wells Fargo and Equifax.

The panel itself has roughly 60 members, noted the report, with freshman Democrats on board who are decidedly more vocal and liberal than has been seen in past panel/committee iterations – and which includes New York Rep. Alexandria Ocasio-Cortez and California’s Katie Porter, both known for their criticism of the financial services industry.

As for the subject matter, the hearings are expected to focus on “reflections” of the decade that has passed since the crisis, and the banks are in discussion with Rep. Waters’ staff on those plans.

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