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U.S. NEWS Thursday 22 sepTember 2022
Bank CEOs warn of ‘daunting’ challenges from inflation

By KEN SWEET Republicans took the op-
AP Business Writer portunity to both push back
WASHINGTON (AP) — The on the need for the hearing
CEOs of the nation’s big- — this is the third time Dem-
gest banks appeared in ocrats have brought Wall
front of Congress Wednes- Street executives in front of
day and gave a dim view this committee since tak-
of the U.S. economy, re- ing control of the House
flecting the financial and in 2019 — as well as high
economic distress many inflation. One hot-button
Americans are facing. issue was gun store sales.
JPMorgan Chase’s Jamie Earlier this month the major
Dimon, Citigroup’s Jane payment networks — Visa,
Fraser and other chief ex- Mastercard and American
ecutives said the U.S. con- Express — said they would
sumer is currently in good start categorizing gun store
shape but faces threats sales as a separate mer-
from high inflation and ris- chant code. It’s a deci-
ing interest rates. sion gun control advocates
The hearing happened have pushed for, potential-
on the same day the Fed- ly to help catch surges of
eral Reserve announced a From left; U.S. Bancorp Chairman, President, and CEO Andy Cecere; PNC Financial Services Group gun sales ahead of a mass
3/4-point hike to its bench- Chairman, President, and CEO William Demchak; JPMorgan Chase & Co. Chairman and CEO shooting.
mark interest rate as the Jamie Dimon; Citigroup CEO Jane Fraser; Bank of America Chairman and CEO Brian Moynihan; Rep. Roger Williams, R-Tex-
central bank tries to contain Truist Financial Corporation Chairman and CEO William Rogers Jr.; and Wells Fargo President and as, pushed the bank CEOs
inflation. When asked by CEO Charles Scharf appear before a House Committee on Financial Services Committee hearing on whether they would fol-
on “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks”
lawmakers, the Wall Street on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. low the payment networks’
CEOs seemed increasingly Associated Press decision. In response, all six
skeptical that the Fed can CEOs said they would not
achieve its goal of a “soft America’s Brian Moynihan to 3.25% in a few months. said Rep. Maxine Waters, stop legal gun sales and
landing,” where inflation is said the amount of money Fed Chair Jerome Powell D-California and chair- would protect consumers’
brought back down with- in customer’s accounts has acknowledged that house- woman of the House Finan- privacy.
out causing widespread been stable. Dimon said holds will feel an impact. cial Services Committee. “We don’t want to tell
damage to the economy. wages are up while debt “We have got to get infla- While billed as a hearing Americans what to do with
“I’m keeping my fingers loads have dropped, and tion behind us. I wish there on everyday finances, the their money,” Dimon said.
crossed,” Dimon said. Fraser said consumers are were a painless way to do CEOs were also peppered Goldman Sachs and Mor-
“While COVID is behind us, spending at elevated lev- that, there isn’t,” Powell with political questions with gan Stanley, which focus
the economic challenges els. said at a news conference Washington in the midst of on investment banking, did
we are now facing are no All that could change as following the announce- an election year. Demo- not testify at Wednesday’s
less daunting,” Fraser said, the Fed increases rates at ment of the rate increase. crats pushed the CEOs hearing. Instead, the CEOs
in remarks prepared for the an aggressive pace. With “In this environment, the on issues like racial equity, of three new banks were
hearing. inflation rising as high as 9% role that banks play to pro- the unionization efforts at brought in: Andy Cecere
The CEOs said the U.S. con- this year, the Fed has ag- tect consumers and pro- banks, as well as evergreen of U.S. Bank, William Dem-
sumer is currently in good gressively raised rates from vide access to affordable financial topics like over- chak of PNC Financial and
financial health. Bank of near zero to a range of 3% credit is absolutely critical,” draft fees and fraud. Bill Rogers Jr. of Truist.q

U.S. Embassy in Cuba to process full

immigrant visas in 2023

WASHINGTON (AP) — The bassy to handle the visa U.S. citizens. Attempted
Biden administration said requests. The added per- border crossings by Cu-
Wednesday that the U.S. sonnel are part of the com- bans has increased sharply
Embassy in Cuba will begin mitment stemming from over the past year, accord-
processing full immigrant vi- the resumption of the Cu- ing to data issued Monday
sas in early 2023, making it ban Family Reunification by the U.S. Customs and
easier for Cubans to reunite Parole program last month. Border Protection. U.S. offi-
with family members in the The 2007 program enables cials stopped Cubans who
United States. U.S. citizens and lawful per- were trying to enter the
The embassy in Havana manent residents to apply U.S. 19,057 times in August,
had last processed full im- for their family members in a more than four-fold in-
migrant visas in 2017. The Cuba to come to the U.S. crease from August 2021.
U.S. government will also sooner than conventionally Border crossings have been
stop requiring Cubans allowed. fueled partly by repeat
seeking visas in family pref- Under accords with Cuba, crossers because there are
erence categories to travel the U.S. has committed to no legal consequences for
to Georgetown, Guyana, ensuring the legal migra- getting expelled under a
for their interviews. tion of at least 20,000 Cu- pandemic-era rule known Boys spend the afternoon jumping into the water from the sea
Additional government bans annually, not includ- as Title 42. That rule denies wall or the Malecon in Havana, Cuba, Thursday, Sept. 15, 2022.
personnel will staff the em- ing immediate relatives of a right to seek asylum.q Associated Press