That chair is authorized to declare races of the committee at any time. This hearing is entitled, Holding Meghan banks accountable. Oversight of americas Largest Consumer facing banks. I recognize myself for four minutes to give an opening statement. Testifying before us today, we have the ceo of the seven largest u. S. Commercial breaks that each serve millions of consumers. Chairwoman of this committee, i prioritize connecting rigorous oversight over our nations largest banks and their activities. Last year for these mega banks that survived for us. Since then our motion continues, to battling ongoing epidemic. Inflation that is affecting every household budget, russias invasion of ukraine, raising Interest Rates another crisis. And better that economy. In this environment, the role of banks played to protect consumers and provide access to Affordable Credit is absolutely critical. Over the past several years that weve seen several symptoms of banking across the country take a dramat
Everybody. About 200 people are still missing in colorado. Vice President Biden and his wife jill will travel to colorado on monday to review the damage. Jpmorgan chase will pay one of the largest regulatory fines ever for the socalled london while scandal. It will cost it nearly a billion dollars, but perhaps more importantly, jpmorgan is admitting wrongdoing over its 6 billion trading loss. That is rare in the industry. Real money with ali velshi is next. The Housing Market is as strong as ever, a big help to the u. S. Economy. Plus the nations pension problems are not limited to detroit. Well talk to one of chicagos finist in that city which has one of the worst funded pensions in the country. And Health Insurance is open for business in just 12 days. Which plan will help you . Well help you decide. Im David Shuster in for ali velshi, and this is real money. This is real money, and you are the most important part of the show, so join our live conversation for the next half hour by u
Obsession with abortion, gay marriage. Reporter pope francis is aiming to make the Catholic Church a more welcoming place for all in a dan kid interview, a public which has the vaticans blessing, francis shied away speaking about the churchs moral teachings on gay marriage and abortion. He said its not necessary to talk about these issues all the time. Churchs Pastoral Ministry cannot be obsessed with a multitude of doctrines to be imposed insistently. A person once asked me if i approved of homosexuality. I replied with another question. Tell me when god sees a gay person does he endorse this person with love or reject and condemn this person. We must always consider the person. He said if someone is gay, who am i to judge . We have to find a new balance otherwise even the moral edifice of the church is likely to fall like a house of cards. Losing the freshness and frank glance of the gospel. Its time for a new evangelism, its time o time tok of the Catholic Church. You cant help but
Conversation for the next half hour by using the twitter hashtag, aj real money. Existing home sales in august compared to a year ago shot up 13. 2 , and home sales have now hit their highest pace since february 2007, before the collapse in home prices that helped push this country into recession. Home prices have been coming back up, it is up 14. 7 and the strongest yearoveryear gain in eight years. Still Mortgage Rates have also risen. They now average 4. 5 for a 30year fixed rate mortgage. 4. 5 is still historically low, but it has been high enough to cripple the refinance market which accounts for more than half of all mortgage activity. Between that higher rate and perceptions that the fed was about to pull back on novembers stimulate the economy, and push Interest Rates higher, the finance market collapsed. The volume of refy applications has dropped 70 . But the fed is continuing with its massive monetary Stimulus Program at least for now, which means Interest Rates could stay p
Potentially imperil lending, a slowdown are lending and other things from a competitive standpoint to cover the cost of additional capital. We continue to have a very simple business model. Although we are larger than we were a few years ago, the capital levels since 2007 are three times what they were at that time. Weve a Strong Capital rating reflected in a high debt rating. Additional capital will increase the cost of debt. We spoke yesterday about additional requirements for regulatory capital and liquidity standards and the impact it would have on the marketplace. Can you speak to that . Doddfrank accomplished a lot of what needed to be accomplished. Lehman brothers did not happen again. Having said that as often happens things went a bit too far. It is not just capital, liquidity requirements, those do restrict lending, raise the cost of lending, damage markets a little bit, reduce mortgage lending across some of our banks. We need to spend more time recalibrating across the whol