: Jamie Dimon, Jane Fraser and other CEOs are heading to Capitol Hill this week for their annual grilling

by | Sep 20, 2022 | Stock Market

CEOs from the largest consumer-facing banks in the U.S. are scheduled to testify on Capitol Hill this week in both the House and Senate as the fall midterm election season heats up and a stack of proposed banking bills await potential action. Maxine Waters, D., Calif., will chair the hearings on the House side at 10 a.m. on Wednesday and available for viewing here. The full committee hearing is titled, “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks.”

The Senate Committee on Banking, Housing and Urban Affairs under chairman Sherrod Brown, D., Ohio, takes up the topic of banking on Thursday morning at 9:30 a.m. Eastern time in a hearing streaming live here. The hearing of the full committee is billed as the Annual Oversight of the Nation’s Largest Banks. Despite the glare of the spotlight on the bank CEOs, BTIG said that they will be listening for lawmaker and witness commentary regarding bank M&A, the asset cap currently imposed on Wells Fargo, the state of the economy, and competition with nonbank challengers. BTIG does not expect any major policy changes or revelations from the hearings. “From our seat, these hearings remind us of the Nutcracker ballet as they are both seasonal, follow a relatively tight script, and are forgotten almost immediately after the lights dim to black,” BTIG analyst Isaac Boltansky said in a note last week. The seven bank …

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