(Bloomberg) -- The heads of Wall Street’s biggest banks, including JPMorgan Chase & Co., Citigroup Inc., Morgan Stanley and Goldman Sachs Group Inc., will face a grilling from US senators in December.
Senate Banking Committee Chairman Sherrod Brown on Friday announced a hearing that will cap a politically contentious 2023 for financial firms in Washington. The regional banking crisis earlier this year sparked heightened scrutiny of banks, and questions about the industry overall.
In a Friday statement, Brown said the chiefs of the nation’s biggest banks would testify on December 6. That means the heads of JPMorgan, Bank of America Corp., Citigroup, Goldman Sachs, Bank of New York Mellon, Morgan Stanley, State Street Corp., and Wells Fargo & Co. would all face questioning.
Brown described the plan as the latest in an annual oversight hearing he has had the committee hold. In recent years, financial firm executives testifying in Congress have faced questions on everything from the industry’s performance to payments fraud and gender diversity.
Read More: Bank CEOs Take Punches From Democrats, Warnings From Republicans
Although concern over the state of the banking system has abated since May, the political stakes remain high. The Banking Committee has advanced a piece of legislation that would make it easier to claw back executive pay when banks fail and also impose additional scrutiny.
Wall Street banks also have been stepping up their lobbying against a sweeping new set of capital rules that have been proposed by federal regulators. Those changes have also been couched in part as a response to the failures of midsized lenders Silicon Valley Bank and Signature Bank in March, followed by First Republic Bank’s collapse in May.
Read More: Wall Street Asks Fed to Please Take Back US Bank Capital Rules
Brown, who represents Ohio, and other Democrats on the committee, including Elizabeth Warren, are expected to take a particularly tough tone. In announcing the meeting, he said that banks broadly hold too much power.
“It’s our job to hold them accountable to their workers, to their customers, and to the American people,” he said in his statement. “Wall Street megabanks continue to make record profits and to reward corporations that raise prices on Americans.”
(Updates in fourth paragraph with previous hearing info.)
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