Bank CEOs Take Punches From Democrats, Warnings From Republicans
- Six Wall Street bosses face conflicting demands during hearing
- At least one Morgan Stanley employee will be getting a raise
Senator Elizabeth Warren called JPMorgan Chase & Co.’s Jamie Dimon “the star of the overdraft show.” Her Democratic colleagues pressed him and other CEOs from the biggest U.S. banks to boost lending, raise wages, diversify staff and save the environment.
Then there was the warning from Republicans: Stay clear of politics.
In what will likely prove a warm-up to a potentially more raucous hearing in the House of Representatives set for Thursday, a panel of six Wall Street chief executive officers took heat from the Senate Banking Committee on Wednesday. As Democrats tried to extract pledges to help struggling Americans and the environment, lawmakers from the other side of the aisle warned executives not to withdraw support for industries such as fossil fuels and firearms.
“Woke capitalism is running amok,” said Senator Tim Scott, a Republican from South Carolina.