Top bank CEOs testify before Congress

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The executives of the largest banks in the country begin on Wednesday before the Senate Banking Committee with two days of congressional testimony.

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

Bank executives are likely to face complaints from both political parties, with Democrats hoping to eliminate racial disparities in lending and Republicans seeking to deter companies from taking a position on political issues.

Senator Pat Toomey of Pennsylvania, the senior Republican on the committee, told CNBC ahead of the Senate hearing that he hoped bankers would “defend” capitalism and tout the benefits of share buybacks.

Senator Sherrod Brown, D-Ohio, chairman of the committee, is likely to ask executives about reducing racial disparities in lending, as well as about banks’ efforts to support local businesses during the Covid-19 pandemic.

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