Big banks are bracing for their CEOs to be called to testify soon at what could be an intense House hearing led by new Financial Services Chairwoman Maxine Waters, sources familiar with the matter said.
The details of the hearing, anticipated to happen by this spring, have not been finalized, but lawmakers and bank representatives are expecting it.
The banks that are seen as likely to be invited to participate include JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley. Spokespeople for several of the banks declined to comment, and others didn’t respond.
In a preview of the kind of tone the lenders should expect to face, Rep. Emanuel Cleaver (D-Mo.) told POLITICO he wanted to hear from the executives “why we bail them out and can’t experience any meaningful support from them in times of trouble.”
In a speech last week, Waters pledged that the committee will keep an eye on the large banks and pay close attention to whether regulators were trying to weaken safeguards enacted after the 2008 financial crisis.
“It’s probably not going to be a real syrupy sweet committee hearing,” said Cleaver, a senior member of the panel.
- J.P. Morgan CEO Jamie Dimon and Goldman Sachs CEO David Solomon recently met in private with leading Wall Street critic Rep. Maxine Waters, who leads the powerful House banking panel, CNBC has learned.
- Dimon and Solomon gave Waters their perspectives on a wide range of topics, including where they stand on the economy, and left the door open to a continued dialogue, people said on the condition of anonymity.
- It was unclear what specific concerns and ideas the CEOs expressed to Waters, who has vowed sharp scrutiny of Wall Street and its practices.
WASHINGTON—The chief executives of the six largest U.S. banks are poised to testify together before House lawmakers in Congress this spring, according to people familiar with the matter, for the first time since shortly after the financial crisis.
The hearing before the House Financial Services Committee marks an opening salvo in House Democrats’ plans to put the industry back in Washington’s crosshairs. It is expected to include the chief executives of JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Goldman…