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: Bank CEOs are going to Capitol Hill this week for his or her annual grilling

CEOs from the biggest consumer-facing banks in the U.S. are scheduled to testify on Capitol Hill this week in both House and Senate because the fall midterm election season gets hotter and a collection of proposed banking bills await potential action.

Maxine Waters, D., Calif., will chair the hearings on the home side at 10 a.m. on Wednesday and designed for viewing here. The entire committee hearing is titled, Holding Megabanks Accountable: Oversight of Americas Largest Consumer Facing Banks.

The Senate Committee on Banking, Housing and Urban Affairs under chairman Sherrod Brown, D., Ohio, occupies the main topics banking on Thursday morning at 9: 30 a.m. Eastern amount of time in a hearing streaming live here. The hearing of the entire committee is billed because the Annual Oversight of the Nations Largest Banks.

Regardless of the glare of the spotlight on the lender CEOs, BTIG said that they can be listening for lawmaker and witness commentary regarding bank M&A, the asset cap currently imposed on Wells Fargo, hawaii of the economy, and competition with nonbank challengers. BTIG will not expect any major policy changes or revelations from the hearings.

From our seat, these hearings remind us of the Nutcracker ballet because they are both seasonal, follow a comparatively tight script, and so are forgotten almost soon after the lights dim to black, BTIG analyst Isaac Boltansky said in an email the other day.

The seven bank CEOs scheduled to testify at both House and Senate hearings are Jamie Dimon of JPMorgan Chase & Co. JPM, -0.11%, Citigroup Inc.s C, -0.63% Jane Fraser, Wells Fargo & Co.s WFC, +0.11% Charlie Scharf and Brian Moynihan of Bank of America Corp. BAC, +0.88%.

U.S. Bancorp USB, +0.21% CEO Andy Cecere, PNC Financial Services Group PNC, +0.40% CEO William Demchak and Truist Financial Corp. TFC, -0.17% CEO William Rogers Jr. may also be on the calendar.

The wide variety of topics include consumer protection and compliance, enforcement actions and recidivism; diversity, inclusion, and racial equity; mergers and acquisitions; emerging technologies; and issues associated with the general public interest, including worker rights and abortion access.

As Congress looks to tackle major issues such as for example pervasive racial inequalities in financial services, systemic risks to your economic climate, including climate change, along with the ongoing COVID-19 pandemic, and Russias invasion of Ukraine, this hearing provides greater transparency and accountability for what of the major industry players, in accordance with a description of the home hearing.

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On the home side, alongside bills which were passed this season like the Financial Services Racial Equity, Inclusion, and Economic Justice Act (H.R. 2543), other bills may also be being considered. Those measures address financial issues which range from climate change risk to modernization of mergers and acquisitions to improving credit scoring for consumers.

With the U.S. Senate now divided 50-50 between Republicans and Democrats, some banking measures have already been slow to win passing of the entire Congress. The dynamics are anticipated to shift in November with the midterm elections.

Meanwhile, the Federal Reserves vice chairman for supervision Michael Barr made his first policy speech on Sept. 7 and said the federal government could introduce more regulations for regional banks to shore up more capital during economic downturns, among other potential changes.

Also Read: New Fed banking chief Michael Barr lays out vision on digital currency and keeping banks safe

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