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JPMorgan CEO Jamie Dimon and other bank CEOs sworn in ahead of House Financial Services Committee hearing. Photo: Mandel Ngan/AFP via Getty Images

Members of the House Financial Services Committee asked CEOs of the biggest financial institutions — JPMorgan, Goldman Sachs, State Street, Citigroup, Bank of America, Morgan Stanley and BNY Mellon — about their relationships with the gun industry during a hearing on Wednesday, among other social and consumer-driven issues.

Details: In response to a question from Rep. Carolyn Maloney (D-N.Y.) about whether JPMorgan would "adopt a formal policy" for its relationships with gun manufacturers, CEO Jamie Dimon defended the bank's current policy but said the company would "consider" adopting a responsible lending plan. In the wake of several mass shootings, Citigroup and Bank of America last year re-evaluated their business dealings with makers and sellers of firearms.

Questions from lawmakers largely focused on social issues, including CEO pay, diversity, overdraft fee policies and forced arbitration.

A notable exchange on pay: Rep. Nydia Velazquez (D-N.Y.) asked Citigroup CEO Michael Corbat how he would feel if he were the average Citi employee, who makes $49,766 versus his $24.2 million — a 486:1 ratio — per Bloomberg.

  • Corbat responded: "I would be hopeful that there's opportunity to continue to advance within the firm."

On diversity: None of the CEOs raised their hand to say they thought their likely successor would be a woman or person of color when asked by Rep. Al Green (D-Texas) to do so.

  • All except 2 — Dimon and Morgan Stanley CEO James Gorman — raised their hands to say it could happen within the next decade.

When asked about Brexit, not one of the CEOs said Brexit was a "systemic risk," but called it a challenge for the economy.

Go deeper

47 mins ago - World

Netanyahu campaigns against Biden's plan to save Iran deal

Netanyahu campaigns at a gym last month. Photo: Pool/AFP via Getty

Israeli Prime Minister Benjamin Netanyahu indirectly criticized the Biden administration for its intention to return to the Iran nuclear deal and told his supporters he was prepared to "stand against the entire world" to stop it.

Why it matters: This is a major change of tune for Netanyahu, who had been careful in his statements on the Iran deal and avoided publicly criticizing President Biden. The statement was part of Netanyahu's attempt to rally his base ahead of Israel's election on March 23.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Tech: "Fludemic" model accurately maps COVID hotspotsVirtual doctor's visits and digital health tools take off.
  2. Politics: Schumer says Senate will stay through weekend to vote on COVID relief — Republican governor of West Virginia says there's no plan to lift mask mandate.
  3. World: Canada vaccine panel recommends 4 months between doses.
  4. Business: Firms develop new ways to inoculate the public.
  5. Local: Ultra-rich Florida community got vaccinations in January.
Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

Why fears of a SPAC bubble may be overblown

Illustration: Annelise Capossela/Axios

The SPAC surge continues unabated, with 10 new ones formed since Wednesday morning. And that's OK.

Between the lines: There are growing concerns that retail investors are about to get rolled, with smart sponsors taking advantage of dumb money.