Senate banking committee chair argues lobbying fight is ‘why people hate’ Wall Street and Washington
Wall Street’s most powerful banking executives warned Congress that new regulations on the industry proposed by the Biden administration risk hurting the US economy.
On the eve of an election year, with the threat of recession looming large, the bosses of JPMorgan Chase, Citigroup, Goldman Sachs and five other large firms urged policymakers to “be thoughtful” about the impact of the rules.
Appearing before the Senate banking committee, however, they were rebuked by its chairman. “Anyone who had any doubt whether Wall Street could be trusted to use its power responsibly need only to look at the current lobbying fight on this,” the Democratic senator Sherrod Brown said.
“You have even gone national: pouring money into ads for Sunday Night Football. It is a campaign waged by your lobbyists to prevent financial watchdogs from putting in place capital requirements to protect our banking system and our economy.
“That’s why people hate Wall Street.
