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.
“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.
