U.S. bank exeuctives face grilling from Congressional panel

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U.S. bank exeuctives face grilling from Congressional panel GlobeBusiness

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Led by Democratic Representative Maxine Waters and staffed with some high-profile progressives including Alexandria Ocasio-Cortez, the panel was expected to quiz the CEOs on the safety of the financial system, compensation and diversity, as well as their role in financing gun-makers and private prisons.Ronald O’Hanley, CEO of State Street Corp, and Charles Scharf, CEO of Bank of New York Mellon Corp, the country’s two largest custody banks, also appeared.

In opening remarks, Democratic lawmakers questioned whether too-big-to-fail banks were also too big to regulate. Of the CEOs on the panel, only JPMorgan’s Dimon was in the top job since before the financial crisis, having been named CEO in late 2005. The bank executives had prepared remarks arguing that Wall Street has reformed the practices that fueled the crisis and to stress the contribution banks make to the broader economy, testimony released on Monday showed.Since the crisis, the country’s largest banks have added more than $800 billion in capital to bolster the financial system.

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