Big Banks Embattled, But Largely Unbruised by Senate Banking Session
As anticipated, Senate Banking progressives today excoriated big-bank CEOs for what Chairman Brown (D-OH) describes as their preference for profit over public welfare. Although Republicans generally supported the role banks play in the economy and the construct of current regulation, they strongly protested what Ranking Member Toomey (R-PA) described as undue concessions to stakeholder capitalism and “woke” political ideology. Although some testimony and questioning explored critical policy issues (e.g., crypto regulation), the session was largely rhetorical and thus provides little insight into possible Senate Banking legislative initiatives.