Big-bank CEOs to testify before Congress in May

WASHINGTON — The chief executives of six of the largest U.S. banks will appear before the House and Senate banking committees at the end of May, following reports that Democratic leaders were looking to examine their response to the coronavirus pandemic and efforts climate change and racial equity.

The CEOs of JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley will appear before the Senate Banking Committee on May 26 and the House Financial Services Committee on May 27, according to a joint announcement from Sen. Sherrod Brown, D-Ohio, and Rep. Maxine Waters, D-Calif., the respective committee chairs.

Both hearings will be held virtually via Webex. The announcement follows a Politico report that Brown and Waters were interested in holding hearings with large-bank CEOs to discuss their work to address the coronavirus pandemic as well as their environmental, social and corporate governance efforts. Brown has driven a sharp focus on ESG and racial equity since he took the gavel as chairman of the Senate Banking Committee this year.

This will be the first time that the big-bank CEOs will appear together before the Senate Banking Committee since Democrats took the majority in the chamber. Waters has held several hearings with big bank executives since she took the gavel at the House Financial Services Committee in 2019.