Wall Street CEOs Take Big Swing at New Bank Rules While on Capitol Hill
- Dimon, Solomon lead charge against bid to require more capital
- Morgan Stanley, Citi and Bank of America also join fight
The bankers on Wednesday went on the attack on Capitol Hill after more than a decade of playing defense at oversight hearings by the Senate Banking Committee.
Photographer: Ting Shen/BloombergThe heads of Wall Street’s biggest banks took their most direct swing yet at Washington’s plans to force them to set aside more cash as a buffer against losses.
The bankers on Wednesday went on the attack on Capitol Hill after more than a decade of playing defense at oversight hearings by the Senate Banking Committee, and just six months after the collapse of several lenders prompted concerns about the health of the finance industry. One by one, executives confidently told lawmakers their institutions were safe and that everyday Americans would ultimately pay the price if tougher rules are enacted.