Top bank CEOs testify before Congress

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The chief executives of the nation’s biggest banks kick off two days of congressional testimony on Wednesday before the Senate Banking Committee.

Lawmakers will hear from JPMorgan Chase’s Jamie Dimon, Wells Fargo’s Charles Scharf, Citi’s Jane Fraser and Goldman Sachs’ David Solomon, Morgan Stanley’s James Gorman and Bank of America’s Brian Moynihan.

The bank executives are likely to face complaints from both political parties, with Democrats hoping to address racial differences in lending and Republicans eager to quell corporations from taking stands on political issues.

Sen. Pat Toomey, a Pennsylvania Republican and the committee’s ranking member, told CNBC prior to the Senate hearing that he’s hoping the bankers will “defend capitalism” and tout the benefits of stock buybacks.

Ohio Democrat Sen. Sherrod Brown, who chairs the committee, will likely ask the executives about reducing race-based disparities in lending, as well as banks’ efforts to support local businesses during the Covid-19 pandemic.

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