CEOs of the Largest Banks Testify before Senate Banking

On December 6, the CEOs of eight of the largest U.S. banks testified before the Senate Banking Committee. The witnesses included executives from Bank of America, Goldman Sachs, Morgan Stanley, J.P. Morgan, BNY Mellon, Citigroup, State Street, and Wells Fargo. Senators from both sides of the aisle pressed the witnesses on topics ranging from concerns over the implications of the Basel III Endgame proposal, their views on lifting the $1.95T asset cap, and practicality of a cannabis banking bill. Additionally, questions concerning recent efforts to start reforming the Federal Home Loan Bank (FHLB) system and potential legislation on cryptocurrency were raised.

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