Wall Street CEOs Grilled on China, Russia Ties by US Lawmakers
Source: Bloomberg
Citigroup Inc.’s Jane Fraser was forced to answer if her bank would pull business from China if its military invaded Taiwan. Jamie Dimon was pressed on whether JPMorgan Chase & Co. would cut ties with Russian firms.
Lawmakers seized on recent political tensions and hot-button social issues in a hearing with the chief executive officers of America’s largest retail banks on Wednesday. Representatives on the House Financial Services Committee probed them on everything from the escalation of the Ukraine conflict and racial equity to fossil-fuel financing and their role in slavery.
“Of course there are concerns, there are disagreements, but that’s how democracy works,” Maxine Waters, the California Democrat who chairs the committee, said during the 6 1/2-hour hearing. “We have a lot of work that we must continue as we interact with each other to do the people’s business.”
The breadth of questions served as a reminder of the expansive reach of megabanks, as Waters called them. They also come as the US economy faces a precarious position, with inflation running at decade highs raising the specter of recession. The chief executives were forced to discuss their firms’ approach to helping consumers deal with soaring prices and rising US recession risks.
Read more: https://www.bloomberg.com/news/articles/2022-09-21/wall-street-ceos-grilled-on-china-russia-ties-by-us-lawmakers
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