Bank CEOs Rally Against Regulation Push in Congressional Hearing
The CEOs of major U.S. banks, including JPMorgan, Bank of America, and Citigroup, are expected to protest against capital hikes and new regulations before Congress, arguing that they will harm the economy. The CEOs will also address worker pay and rights, climate change, mortgages, and financial stability. The hearing comes as the industry campaigns against the "Basel Endgame" proposal and as regulators introduce fair lending and fee cap rules. The CEOs aim to convince lawmakers that the rules could stifle lending, while also assuring them of the safety and soundness of the banking sector.