Wall Street chiefs testified before Congress.

transcript

Top Finance Executives Testify on Economic Recovery and Oversight

Executives at major financial institutions testified for a second day to Congress about how they were helping aid economic recovery.

“We are living through unprecedented times, which history will judge the leaders of government and industry by actions we take to address the health and economic crises, and longstanding structural inequities. At JPMorgan Chase, we entered this crisis from a position of strength and leveraged our size and scale to contribute to the stability in our country and ongoing support for the real economy — our customers, employees and communities impacted by the global crisis. In 2020, we extended credit and raised capital totaling $2.3 trillion for customers and businesses of all sizes, helping them meet payroll, avoid layoffs and support operations. We waived fees and delayed payments on about three million accounts for customers who said they were affected by Covid with no questions asked.” “At Citi, we recognize this has been an incredibly challenging time for Americans, millions of whom we’re very proud to call our customers. The origins of this global crisis are very unlike the last one. This is a public health crisis with severe economic consequences for many. Through the pandemic, Citi has shown we are a very different bank than the one that entered the financial crisis more than a decade ago. We’re smaller, but we’re safer, we’re stronger and we’re far less complex. We have had the financial resources to support our clients and communities through Covid, and we’re laser-focused on driving a sustainable and an equitable recovery. I’ll always be proud that we were the first bank to provide relief programs for retail and small business customers in the U.S.” “In our institutional business, we’re a financial adviser to companies. We help them raise debt and equity capital, from taking companies public to helping them issue bonds so they can grow and create jobs. We help public-sector entities raise municipal financing. We help pension funds, mutual funds and other financial institutions trade and manage assets.”

The chief executives of the six biggest American lenders testified before the House Committee on Financial Services on Thursday, for the first time since 2019.

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