Ceos from the countries six largest banks, including jane fraser of citigroup and Brian Moynihan from bank of america, testified before the House Financial Services committee on regulatory and oversight matters in the Banking Industry. They addressed several issues including the influence of chinese banks and the impacts of the pandemic. This is part one of a threepart hearing. This first portion of the hearing is two hours. The committee will come to order. Without objection the chair is authorized to declare a recess of the committee at any time. This hearing is entitled Holding Megabanks Accountable oversight of americas Largest Consumer facing banks. I now recognize myself for four minutes to give an opening statement. Testifying before us today we have the ceos of the seven largest u. S. Commercial banksre that each serve millions of consumers. As chairwoman of this committee i have t prioritized conducting rigorous oversight over our nations largest banks and their activities. La
The top stories here on al jazeera, United Nations, inspectors of arrived in the southern ukrainian city of zapper regia, which is time to europes Largest Nuclear power plant, will be checking the safety of the plant once theyre able to gain access, which is expected to be thursday. The facility is under russian control, but run by ukrainian staff both moscow and keith have accused each other of shelling around the plant raising fee is of a possible nuclear disaster. But the mission was take a few days and we are able to establish permanent presence addresses better, said, and then its going to be brought up like that. These 1st segment would be, is going to take it today unless you know this is botto, you great. Currently occupied by forces Properties Clear for us, and this is a new cream facility and we are here are a 40 eagle competence. This year is clearly established by the safeguards agreement that we have with you the ukraine. First battles have been reported as ukrainian troop
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
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
There is no clue as to what happened in the middle east with planes that went missing last week. Hassearch and rescue team recovered a window that may have come from the flight that vanished from kuala lumpur to beijing. China sent rescue teams to the area and there is some evidence that the plane turned away from their normal route and may have been going back to kuala lumpur. The plane had a minor accident. The airline says it was in perfect working order. This aircraft was in the it was11 days ago and checked and nothing untoward was found. 1415 been operating hours a day since that time without any issue. This incident will be discussed through the course of the day. We will be joined in a short while. Lets have a look at the other stories making headlines and 100 trillion that is according to the bank of international settlements. There is a wave of borrowing with corporate and government. Exports fell 18. 1 . That is the biggest cents the financial crisis. Analysts were expecting