The top bosses of JPMorgan, Bank of America, Citigroup, Wells Fargo and other major banks are expected to warn lawmakers this week that capital hikes and other new regulations will hurt the economy and should be indefinitely shelved, Reuters reported. Worker pay and rights, climate change, mortgages, and financial stability are also likely to feature when the CEOs of the country's eight largest banks appear before the Senate Banking Committee on Wednesday, said executives and analysts. The line-up: JPMorgan's Jamie Dimon, Bank of America's Brian Moynihan, Citi's Jane Fraser, Wells Fargo's Charles Scharf, Goldman Sachs' David Solomon, Morgan Stanley's James Gorman, State Street's Ronald O'Hanley, and BNY Mellon's Robin Vince. The hearing comes amid a fierce industry campaign to kill the "Basel Endgame" proposal, which overhauls how banks must calculate their loss-absorbing capital, and as regulators roll out fair lending and fee cap rules, among others. It offers the CEOs an opportunity to try to convince key moderate Democratic senators that the rules could stifle lending, hurting small business and consumers. But they will also have to persuade skeptical lawmakers, including the Committee's Democratic chair Sherrod Brown, that the banking sector is safe and sound following the collapse of Silicon Valley Bank and two other lenders earlier this year.
