Bank CEOs To Testify To Senate Banking Committee Shortly

09:00 ET 14:00 GMT: CEOs from some of the world’s largest banks are shortly due to provide testimony to the Senate Banking Committee. Livestream and CEO testimonies here. The Committee released afact sheet yesterday detailing banking CEO pay ratios and highlighting headlines of violations committed by banks.

• CEOs testifying include JPMorgan’s Jamie Dimon, Citigroup’s Jane Fraser, Bank of America’s Brian Moynihan, Wells Fargo’s Charlie Scharf, State Street’s Ronald O’Hanley, BNY Mellon’s Robin Vince, Goldman Sachs’ David Solomon, and Morgan Stanley’s James Gorman.
• Banking Committee Chair Senator Sherrod Brown (D-OH) said in a statement yesterday: “These banks play an outsized role in our economy, with a significant share of U.S. deposits and assets totaling $14.8 trillion, and broad reach across the financial system. While Wall Street banks argue that stronger rules to protect the public will be too expensive, they are actually making trillions of dollars in profits every year and paying CEOs several hundred times more than their median workers.”
• Punchbowl News reports: “…we expect a predominant focus of this session from both Democrats and Republicans will be ongoing reforms of banks’ capital requirements, a regulatory effort led by Michael Barr, vice chair for supervision at the Federal Reserve.”
• Committee member, Senator Mike Rounds (R-SD), said in a statement on Basel III reforms: “This isn’t just a matter of impacting big banks, Basel III endgame will impact consumers, and it’s going to decrease the amount of credit available to families.”