Wall Street CEOs try to convince senators that new capital rules will hurt Americans as well as banks
Publishing timestamp: 2023-12-07 07:03:11
Summary
CEOs of major banks, including JPMorgan Chase, Bank of America, and Goldman Sachs, are pushing back against proposed regulations that would raise capital requirements. They argue that the regulations would have harmful outcomes for the economy, markets, and American households. The CEOs also warn that the regulations could unintentionally harm small businesses, mortgage customers, pensions, and rural and low-income customers. They claim that the regulations would increase costs for borrowing, impact infrastructure projects, and push financial activity to nonbank players. The tone of the hearing was partisan, with Democrats skeptical of the executives and Republicans concerned about potential harm to everyday Americans.
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Tickers: C, BAC, APO, GS, JPM, BX,
Keywords: business, breaking news: investing, banks, breaking news: politics, blackstone inc, investment strategy, apollo global management inc, politics, business news, bank of america corp, united states, goldman sachs group inc, jpmorgan drn, breaking news: markets, breakingnewsglobal, jamie dimon, citigroup inc,
Source: https://www.cnbc.com/2023/12/06/wall-street-ceos-say-basel-3-endgame-rules-will-hurt-americans.html