May 26, 2021

Brown Statement on Big Bank Hearing

U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after a historic hearing with the CEOs of JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley.

“Wall Street is on notice. The days of these banks and their allies controlling this committee are over,” said Brown. “The CEOs that came before us are the most powerful economic actors in the country and the signals they send to other companies influence workers at companies all over the country, not just their own employees. They can’t say they value their workers and then pledge to fight employees who want to form a union. They can’t say they are focused on lending to small businesses and growing the economy while spending billions on stock buybacks. They can’t say they put their customers first while charging them overdraft and late fees during a global pandemic. And they can’t say climate change is a threat to the entire economy, while dragging their feet when it comes to investing in new technology and the jobs of the future. We need an economy that reflects our values not Wall Street’s.  These CEOs have a lot of work to do.”