Bank of America

Bank CEOs pressed to stop working with gun makers

JP Morgan CEO James Dimon(L) and others are sworn in before they testify before the House Financial Services Committee
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.

Big bank CEOs will tout change during congressional hearing

House Financial Services Committee members Rep. Alexandria Ocasio-Cortez (D-NY) (C) talks with Rep. Jennifer Wexton (D-VA) while hearing testimony from former Wells Fargo and Company CEO Timothy Sloan
House Financial Services Committee members Reps. Alexandria Ocasio-Cortez and Rep. Jennifer Wexton during testimony from ex-Wells Fargo CEO Timothy Sloan last month. Photo: Chip Somodevilla/Getty Images

The CEOs of big U.S. banks will tout how their companies have transformed since the financial crisis at Wednesday's House Financial Services Committee hearing — and released testimonies show they'll say the system has become less risky thanks to regulations.

The backdrop: It's the first time the heads of America's biggest financial institutions will testify together since the aftermath of the 2007–2008 crisis. It's "part of an opening salvo in House Democrats' plans to examine the industry’s activities," as the Wall Street Journal points out, and comes amid heightened scrutiny of capitalism's effectiveness.