The CEOs of the biggest U.S. banks plan to tell Congress this week that regulatory reforms since the 2008 financial crisis have made the U.S. financial system less risky and more resilient.
With Democrats holding the majority in the House, banks are coming under more scrutiny. Still, lawmakers are often at odds over whether restrictions enacted after the financial crises should be eased to encourage growth.
All the steps taken to strengthen compliance don't guarantee that mistakes won't be made, Citi's Corbat's statement says. “What it does mean is that we have a governance structure in place that helps us identify mistakes and misbehavior, learn from them, and hold ourselves accountable for whatever actions preceded those episodes.”
Dimon is expected to use the opportunity to urge Congress to address other issues like health-care costs, infrastructure needs, and immigration policy, the Wall Street Journal reports.
Morgan Stanley's (MS +0.2%) James Gorman, Bank of America's (BAC +0.1%) Brian Moynihan, State Street's (STT +0.3%) Ronald O'Hanley, and Bank of New York Mellon's (BK -0.1%) Charles Scharf are also expected to testify.
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