The Latest: Bank hearing strays from theme of bank stability

10:25 a.m.

Wednesday’s House hearing on banks had been about discovering how much safer the system is, however, the topic is being raised by finance committee members.

The sole agent to ask about systemic risk up to now from Wednesday’s hearing has been Patrick McHenry, the panel’s top Republican, who asked all seven enormous bank CEOs if there’s any worries about a monetary catastrophe occurring if Britain leaves the European Union with no deal.

Democrats are asking about system topics such as issues on gun regulations, along with compensation in the banking industry. Meanwhile, Republicans like Rep. Ann Wagner, R-Missouri, threw milder questions to the executives, asking about the number of jobs the sector now produces.

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9:45 a.m.

The first theme in the CEOs of the nation’s biggest banks in Wednesday’s Congressional hearing is very easy: we’re safer today, and We’re thankful.

These seven heads of the banks have spoken about how they’ve raised capital, are more diverse, and are far more resilient than they were before the crisis.

“Since the tragedy, (Citigroup) has come to be a smaller, safer, stronger and far less intricate company,” said Michael Corbat, CEO of Citigroup, that necessitated considerable financial assistance to prevent collapse.

“There is not any doubt that the strength, stability and resiliency of the monetary system was essentially improved over the course of the previous ten decades,” said Jamie Dimon of JPMorgan. “Post-crisis reforms have made banks considerably safer and sounder in three major areas: capital, liquidity and resolution and recovery.”

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9:30 a.m.

Seven CEOs of the biggest banks from the U.S. are appearing facing Congress Wednesday, the largest gathering of heads of the banking sector in Washington since the financial crisis.

According to prepared testimony, the main executives of JPMorgan Chase and Goldman Sachs, along with the CEOs of other banks, will inform the House Financial Services Committee they have taken steps to enhance the stability of the associations at the 10 years since the financial crisis.

As an instance, Michael Corbat of Citigroup states that the New York-based bank is now a institution that is complex and safer than it had been back in 2008.

Committee members are very most likely to request the CEOs about attempts to pare back a number.