This week, lawmakers will question the chief executives of JPMorgan (NYSE: JPM), Bank of America (NYSE: BAC), Citigroup (NYSE: C), Wells Fargo (NYSE: WFC), and other significant US retail banks about a range of topics, including the state of the economy and their positions on contentious issues like abortion and fossil fuel lending.
According to bank officials, congressional aides, and lobbyists, the CEOs’ testimony before the House Financial Services Committee and Senate Banking Committees on Wednesday and Thursday, respectively, is also anticipated to cover payments fraud, increasing diversity, mergers, and access to bank branches.
The CEOs of the four biggest US banks are on the list: Jamie Dimon of JPMorgan, Brian Moynihan of Bank of America, Jane Fraser of Citi, and Charles Scharf of Wells Fargo. They will be joined by the heads of the biggest regional lenders in the nation, including USBancorp CEO Andy Cecere, PNC Financial CEO William Demchak, and Trust Financial CEO William Rogers (NYSE: ROG).
Even while such hearings rarely result in legislative action, they are nonetheless dangerous for CEOs since they will have to defend their banks on a number of fronts when parliamentarians are trying to raise their profiles before the November elections.