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Wall Street Chiefs Testify Before Senate
Executives of major banks testified to the Senate Committee on Banking, Housing and Urban Affairs with an emphasis on financial instability and inequality during the coronavirus pandemic.
“The purpose of today’s hearing is to show Americans their government is finally looking out for them, that we understand this economic system has betrayed millions of workers, that it holds our country back. Here’s what we want to hear from you today. What are you and the companies you run going to do, not just say, but actually do to change? We want to hear what concrete actions you’ll take to change the incentives on Wall Street to reward work instead of just rewarding wealth, to pay for and work to undo the damage that Wall Street has done and continues to do to communities of color.” “But I am concerned about increasing pressure on banks to embrace ‘wokeism’ and appease the far-left’s attacks on capitalism. And I worry that continuing down this path could lead to distorted credit allocation, activists seeking to make political change through the financial system instead of through the democratic process.” “The origins of this global crisis, unlike the last one, this is a public health crisis with severe economic consequences. And through this pandemic, Citi has shown we’re a very different bank than the one that entered the financial crisis more than a decade ago. We’re smaller, we’re safer, we’re stronger and we’re far less complex. And we have had the financial resources to support our clients and communities through this crisis.” “We’re able to help our clients and ultimately, the U.S. economy through the worst economic shock in recent history, while at the same time increasing investments in support of our teammates and our communities. For our clients, that included financial assistance for our business-as-usual work, and also helping to deliver the timely federal relief programs. We at Bank of America believe in capitalism, and it’s the best way to solve the challenges that are facing society. We operate by delivering great returns for our shareholders and delivering for society. We call that responsible growth.”
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