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Government & Politics

Sherrod Brown Chairs Historic Hearing with Six Big Bank CEOs: "We Want Something Very Different from Them."

U.S. Senate Committee on Banking, Housing, and Urban Affairs
The six CEOs who appeared before the U.S. Senate Committee on Banking, Housing, and Urban Affairs include (clockwise from top left) David Solomon, chairman and CEO of Goldman Sachs; Charles Scharf, CEO and president of Wells Fargo & Co; James Gorman, chairman and CEO of Morgan Stanley; Jamie Dimon, chairman and CEO of JPMorgan Chase & Co; Brian Thomas Moynihan, chairman and CEO of Bank of America; and Jane Fraser, CEO of Citigroup.

The chief executives of six of the largest U.S. banks appeared together before the Senate Banking Committee on Wednesday in a historic first. Committee chairman Sen. Sherrod Brown (D-OH) does not want it to be the last. He plans to call a session annually as he pursues increased oversight of Wall Street firms.

Senate Banking Committee hears from industry executives
Sen. Sherrod Brown wants annual oversight session
052621 Sherrod Brown banking hearing.PNG

“It's the economy they've built mostly for themselves that caused plant shutdowns in Ravenna and Akron and Canton, jobs to move overseas, the stock market to go up as companies cut their wages, and we want something very different from them.”

Brown says Wall street practices have kept too many American workers from getting ahead, as executives pad huge salaries with exorbitant fees. At the hearing, senators grilled JP Morgan Chase CEO Jamie Dimon about overdraft fees. Banks collected some $4 billion in those fees during the pandemic.

The bank execs testify today before the House financial services committee hearing.