HFSC Goes Easy on CEOs
At today’s big-bank oversight HFSC hearing, Committee Democrats focused on each bank’s progress on social issues, such as internal diversity, unionization, and historic roles in financing slavery. Although Chairwoman Waters (D-CA) called for more restrictive merger-approval criteria in her opening statement, Democrats largely left the issue untouched. Ranking Member McHenry (R-NC) framed the hearing as political “theater,” focusing on discrediting capital increases. Committee Republicans also asked CEOs about inflation, fiscal policy, and gun merchant codes. Chairwoman Waters concluded this marathon session by chastising the CEOs for failing fully to answer the questions she posed ahead of the hearing and demanding that they do so in five legislative days.