Bank CEOs Sound Alarm on Proposed Rules, Warn of Looming Recession

Wall Street bank executives, including those from JPMorgan Chase, Citigroup, and Goldman Sachs, have warned Congress that proposed regulations by the Biden administration could harm the US economy. The executives urged policymakers to consider the impact of the rules, but were criticized by the Senate banking committee chairman for their lobbying efforts. The executives argued against more onerous regulations, such as the Basel Endgame proposal, which they claim would hurt lending and bank balance sheets. They called for thoughtful regulation that supports the American banking system. This comes as the banking industry faces challenges due to high interest rates and inflation, with several banks experiencing financial difficulties this year.