Bank CEOs return to testify in front of divided Congress

The chief executives of the nation’s largest banks are back in front of Congress, where they are likely to face yet another round of harsh questioning reflecting the deep partisan divide between Democrats and Republicans

WASHINGTON -- The chief executives of the nation’s largest banks are back in front of Congress, where they faced another round of questioning reflecting the deep partisan divide between Democrats and Republicans. The House hearing Thursday comes after senators on Wednesday questioned the six CEOs on topics ranging from climate change, voting rights to racial inequities. It is the second hearing Rep. Maxine Waters, D-California and chairwoman of the House Financial Services Committee, has held since Democrats took control of the House in 2019. In the earlier hearing, many of the same CEOs were questioned about their commitments to diversity and about the fees they charge customers. The CEOs are appearing as the U.S. economy is recovering from the recession triggered by the coronavirus pandemic. Big banks’ profits surged in the first three months of this year as the recovery has taken hold. They were able to release billions of dollars from their reserves originally set aside in the early days of the pandemic last year for potential losses on their loans.