The CEOs of the nation’s biggest banks appeared in front of Congress Wednesday and gave a dim view of the U.S. economy, reflecting the financial and economic distress many Americans are facing.
WASHINGTON —
Despite the dimmer view, the CEOs generally said the U.S. consumer is currently in good financial health due to the savings they accumulated during the pandemic. Bank of America’s Brian Moynihan said the amount of money in customers’ accounts has been stable. Dimon said wages are up while debt loads have dropped, and Fraser said consumers are spending at elevated levels.
While less confident about a “soft landing,” the seven bank executives did give a unanimous vote of confidence in Powell’s ability to rein in inflation when asked by Rep. Jake Auchincloss, D-Massachusetts. Republicans took the opportunity to both push back on the need for the hearing — this is the third time Democrats have brought Wall Street executives in front of this committee since taking control of the House in 2019 — as well as high inflation. One hot-button issue was gun store sales. Earlier this month the major payment networks — Visa, Mastercard and American Express — said they would startas a separate merchant code.
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