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ICYMI: At Hearing with Megabank CEOs, Committee Democrats Ask Hard-Hitting Questions

NNPA NEWSWIRE — WASHINGTON – Yesterday, at a hearing entitled, “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis,” Committee Democrats asked the Chief Executive Officers (CEOs) of seven of the nation’s largest financial institutions tough questions on behalf of hardworking consumers.

Published

7 years ago

April 12, 2019

Oakland Post

WASHINGTON – Yesterday, at a hearing entitled, “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis,” Committee Democrats asked the Chief Executive Officers (CEOs) of seven of the nation’s largest financial institutions tough questions on behalf of hardworking consumers.

Read below for 10 tough questions Committee Democrats asked the CEOs to answer during the hearing.

1. Rep. Carolyn Maloney (D-NY), Chairwoman of the Subcommittee of Investor Protection and Capital Markets

“After the Parkland shooting last year, where a lone gunman killed 17 student and staff with a military-style semiautomatic rifle, two of the banks on this panel, Citibank and Bank of America, stepped up to the plate and adopted formal policies limiting their business with certain gun industry clients, and I want to publicly thank them.

Now, Mr. Dimon, last week you published your letter to shareholders. The section on responsible banking, you wrote the paragraph that is up on the screen right now. You said that turning down clients with low character is “often the only way to be a responsible bank.” Well, actions speak louder than words on guns, Mr. Dimon, and from what I can tell these are just words to you.

Let’s talk about some of the actions on your bank’s activities. Even after the horrific massacres at Sandy Hook, Las Vegas and Parkland, JPMorgan has arranged about 273 million dollars of loans for the manufacturers of military-style firearms, the same weapons that are being used in mass shootings all over our country. Even worse, last year JPMorgan took partial ownership of Remington, the manufacturer of the exact gun that was used to kill 20 children in the Sandy Hook shooting. And JPMorgan has refused to adopt a policy to ensure responsible lending to the gun industry, even though you claim client selection is important and even though two of your competitors have already adopted these policies.

So, my question is, will you live up to your own rhetoric, will you commit to adopting a formal policy that ensures responsible lending in your bank’s business with the gun industry?”

See below for video of Rep. Maloney’s Q&A.

2. Rep. Nydia Velazquez (D-NY)

“So, let me ask you this question. If you were an employee and you saw your boss making 486 dollars for every dollar you made, how would you feel about that situation?”

See below for video of Rep. Velazquez’s Q&A.

3. Rep. William Lacy Clay (D-MO), Chairman of the Subcommittee on Housing, Community Development and Insurance

“Last year, your banks accounted for only 25 percent of loans to small businesses, which frankly is not good enough. As drivers of our economy, we must promote small businesses and any impediments in access to credit can undermine their business leading to job loss.

Mr. Moynihan, the CFPB has not collected small business lending data that it’s supposed to do under Section 1071 of Dodd-Frank. Unlike the mortgage market, we have far less information about what is happening in the small business space including potential discrimination. To ensure we have a fair marketplace, shouldn’t policymakers have access to that kind of data?”

See below for video of Rep. Clay’s Q&A.

4. Rep. Al Green (D-TX), Chairman of the Subcommittee on Oversight and Investigations

“Do you believe that your bank benefited from slavery in some way in terms of its business practices?”

See below for video of Rep. Green’s Q&A.

5. Rep. Juan Vargas (D-CA)

“I want to ask you first and then go down the line, (1) if you hire [DACA recipients] and secondly, if you help them in their renewals.”

See below for Rep. Vargas’ Q&A.

6. Rep. Katie Porter (D-CA)

“…Goldman Sachs’ big initiative is to help 10,000 [women]. Is this initiative missing a few zeros?”

See below for video of Rep. Porter’s Q&A.

7. Rep. Cindy Axne (D-IA)

“I think we all know that you profited tremendously from the tax cuts but I just want to run through a few of them.

Morgan Stanley: $1.1 Billion
Citigroup: $1.7 Billion
Goldman Sachs: $1 Billion
Bank of America: $3.5 Billion
JP Morgan: $3.7 Billion.

Meanwhile, each of you makes at least 150 times what your median worker is being paid and three of you on this panel make over 350 times what that median worker makes. Given that the administration’s rationale for those tax cuts was so that companies can reinvest the money, Mr. Dimon, can you explain how you’re investing that $3.7 billion in growing your company and are you using it to increase pay for your workers and reduce the pay ratio?”

See below for video of Rep. Axne’s Q&A.

8. Representative Dean Phillips (D-MN):

“I want to take our few minutes together to seek your advice and counsel, if I might, starting with the fact that in our nation almost 50 percent of our wealth is concentrated in the hands of just 1 percent of our population. 20 percent of annual income accrues to just the top 1 percent of earners. Most of the CEOs of the S&P 500 companies, including each of you, earn anywhere between 100 and 500 times more than the median earners at the respective businesses. And every one of these indicators is moving in the wrong direction, in my estimation.

So, I have two questions and I want each of you if you would to take about 30 seconds to answer. The first is, do you believe that our growing wealth and income disparities pose an economic and social risk to our country? And if so, what can you each do, and what can we do here in Congress, to address it?”

See below for video of Rep. Phillips’ Q&A.

9. Representative Ayanna Pressley (D-MA):

“More than a decade later we are still grappling with the consequences of a crisis created by greed and the complete and utter disregard for the welfare of everyday Americans. And yet, the narrative has shifted from a focus on Main Street suffering to a celebration of Wall Street’s recovery. In the district that I represent, the Massachusetts 7^th, a study by the Pew Research Center shows that from 2005 to 2009, median wealth among Hispanic households fell by 66 percent, by 53 percent among Black households, 31 percent among Asian households, and by 16 percent among White households.

These families were often the target of subprime lending, yet have never been repaid. Your bank shareholders are reaping record profits while there is little evidence that these lower income individuals and communities of color are anywhere near close to recovering. In fact, just yesterday, we were discussing the ongoing prevalence of redlining and other discriminatory practices, despite the fact that 98 percent of banks are passing CRA examinations. This is exacerbating the wealth gap in Massachusetts and across the country. Today I want to dig a bit deeper and resurface a report from 2016 which addresses pinklining.

Are any of you familiar with the phrase pinklining? Well women were 30 to 46 percent more likely to receive subprime mortgage loans during the financial crisis than men. And Black women were 256 percent more likely to receive subprime loans than White men. 256 percent.

Mr. Dimon, you cowrote a piece recently entitled ‘Advancing Black Pathways.” You spoke about how you wanted to address the racial wealth gap. That is wonderful. But what’s even better than an op-ed is action. For the purposes of the record, could you clarify, in 2017 JPMorgan agreed to a $53 million settlement with the DOJ, pertaining to allegations of what?”

See below for video of Rep. Pressley’s Q&A.

Representative Alexandria Ocasio-Cortez (D-NY):

“Mr. Corbat, is a cost-benefit analysis that weighs the cost of government fines versus the potential financial upside of potentially breaking the law, does that factor into controversial decision making around misconduct at your bank?”

See below for video of Rep. Ocasio-Cortez’s Q&A.

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2026 Lucid Air Grand Touring Review — Is This $136K EV Sedan Worth It?

AUTONETWORK ON BLACKPRESSUSA — Finished in Stellar White Metallic with the Tahoe Grand Touring interior, this Lucid makes a strong first impression. The shape is sleek and low, but it still feels elegant instead of trying too hard. Features like soft-close doors, powered illuminated door handles, 20-inch Aero Lite wheels, and the Glass Canopy Roof help the car feel expensive before you even start it.

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2 weeks ago

May 3, 2026

Oakland Post

The 2026 Lucid Air Grand Touring is the kind of luxury EV that makes people stop and ask a simple question: Is this really better than a Tesla Model S, Mercedes EQS, or BMW i7? At $136,150, it has to do more than look futuristic. It has to feel special every time you get in it.

Finished in Stellar White Metallic with the Tahoe Grand Touring interior, this Lucid makes a strong first impression. The shape is sleek and low, yet it still feels elegant rather than trying too hard. Features like soft-close doors, powered illuminated door handles, 20-inch Aero Lite wheels, and the Glass Canopy Roof help the car feel expensive before you even start it.

Inside is where the Air Grand Touring really makes its case. The 34-inch Glass Cockpit Display and retractable Pilot Panel screen give the cabin a clean, modern look that still feels different from other EVs. The Tahoe Extended Leather and Lucid Black Alcantara headliner lifts the sense of occasion, and the front seats are a highlight. They are 20-way power-adjustable, heated, ventilated, and include massage. That matters because luxury buyers at this price expect comfort first.

Rear passengers are not ignored either. You get 5-zone heated rear seating, a rear center console display, and power rear and rear side window sunshades. Add in the Surreal Sound Pro system with 21 speakers, and the Air feels like a true long-distance luxury sedan.

Lucid also gives this car serious EV hardware. The dual-motor all-wheel-drive system, 900V+ charging architecture, and Wunderbox onboard charger are big talking points. Buyers in this segment care about range, charging speed, and everyday ease, not just raw performance. That is where the Lucid continues to stand out.

On the technology side, the Air Grand Touring includes DreamDrive Premium, with 3D Surround View Monitoring, Blind Spot Warning, Automatic Park In and Out, Automatic Emergency Braking, and a Driver Monitoring System with distracted and drowsy driver alerts. This one also has DreamDrive Pro, which adds future-capable ADAS hardware.

There are still some real-world annoyances. Based on your notes, the windshield wiper control is hard to find and use, and that matters more than people think in a high-tech car. When controls become less intuitive, even a beautiful interior can feel frustrating.

Still, the 2026 Lucid Air Grand Touring succeeds where it matters most. It feels luxurious, advanced, comfortable, and thoughtfully engineered. For buyers who want an EV sedan that feels truly premium and less common than the usual choices, this Lucid makes a very strong case.

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Snoop Dogg Celebrates 10 Til’ Midnight at the Compound

LOS ANGELES SENTINEL — The album is paired with a film that stars Snoop Dogg, Hitta J3, G Perico, and Ray Vaughn, and one of the strongest elements of the whole project is that the production stayed rooted right here in Los Angeles.

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2 weeks ago

May 3, 2026

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Snoop Dogg celebrated the premiere of 10 Til’ Midnight at his Inglewood recording studio & multipurpose facility, The Compound, but the night felt like much more than an album release. It felt like Los Angeles. It felt like legacy. And it felt like another major move from one of the city’s greatest cultural architects as he continues to prove that he is not just dropping music — he is building moments, shaping narratives, and pushing the culture forward in real time.

What made the event so powerful was the clarity behind the vision. During a panel conversation with DJ Hed, Snoop opened up about the heart behind 10 Til’ Midnight, explaining that the project was created to help bridge older and younger generations while also speaking to the long-standing divisions between Bloods and Crips in a unique way through film. That alone gave the project a different kind of weight. This was not just about songs. This was about using creativity as a tool for connection. This was about taking a story rooted in Los Angeles and telling it in a way that could bring people together.

Snoop Congratulated By Rapper & Fellow 10 Til Midnight Cast Member G Perico (CreativeLB/KreativeKapturez)

The album is paired with a film that stars Snoop Dogg, Hitta J3, G Perico, and Ray Vaughn, and one of the strongest elements of the whole project is that the production stayed rooted right here in Los Angeles. The film was shot in the city, including at WePlay Studios in Inglewood, which gave the entire project an even deeper hometown feel. It was not just a West Coast story in content — it was a Los Angeles-made production from the ground up.

That matters because, in a city like this, authenticity still carries weight. Snoop understands how to make sure that what he creates does not just represent Los Angeles on the surface, but actually comes from it.

What also makes 10 Til’ Midnight significant is that it represents another major step in Snoop’s evolution as both an artist and executive. Public reporting around the project identifies it as his 22nd studio album, but the bigger story is what it represents in this season of his life. This is one of several consecutive moves he has made in his 50s that show he is still building, still expanding, and still finding new ways to reinvent what the next chapter looks like.

Snoop Dogg at the Premiere of 10 Til Midnight (CreativeLB/KreativeKapturez)

Now, as the head of Death Row Records and the newly aligned leader of Death Row Pictures, he is taking the brand into a new dimension. That is what made this moment feel bigger than music. Snoop is not just protecting the legacy of Death Row — he is stretching it. He is expanding it beyond records and into film, visual storytelling, and larger creative worlds that can continue carrying the label’s impact forward. Public reporting has noted that this project arrives as part of that broader cinematic push.

That is a major Los Angeles move because the city has always been built on the intersection of music, film, neighborhood identity, and cultural storytelling. With 10 Til’ Midnight, Snoop is leaning all the way into that intersection.

The room at The Compound reflected that. It felt like a private premiere, but it also felt like a statement — a reminder that Snoop Dogg’s staying power has never been based only on nostalgia. It comes from his ability to remain connected, remain visionary, and remain in tune with how to move the culture without losing the essence of who he is.

That is why this premiere mattered. It was not just about celebrating another album. It was about witnessing a Los Angeles legend continue to evolve, continue to unify, and continue to use art to tell stories that hit deeper than entertainment alone.

In that sense, 10 Til’ Midnight became more than a project launch. It became another example of how Snoop Dogg is still taking Los Angeles to the next level — using music, film, and legacy together to build something bigger than a moment.

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OP-ED: Small Businesses Need Minnesota to Act on Pass-Through Tax Policy

MINNESOTA SPOKESMAN RECORDER — A Twin Cities immigrant entrepreneur who built several businesses including grocery stores in underserved neighborhoods is calling on Minnesota lawmakers to extend the Pass-Through Entity tax option before it expires, warning that its loss would hit small businesses already recovering from Operation Metro Surge with higher federal tax bills.

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2 weeks ago

May 3, 2026

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A Twin Cities Small Business Owner Is Urging Minnesota to Extend a Tax Policy That Could Save Thousands of Businesses

By Daniel Hernandez | Minnesota Spokesman Recorder

I came to the United States as a teenager with a clear goal: to build something meaningful through hard work. I put in long days in construction, restaurants, and landscaping; doing whatever it took to learn, save, and eventually start my own business.

Over time, I built and ran several successful ventures, including an event photography company, a magazine, a tax and accounting firm, and now grocery stores serving neighborhoods across the Twin Cities where other retailers chose not to invest. I’ve created jobs, supported families, and committed to communities that deserve stability and opportunity.

That’s why I’m speaking out now.

Small business owners in Minneapolis and the communities we serve are recovering from serious disruptions, including the impacts of Operation Metro Surge. That event hit immigrant communities especially hard. In my own case, I lost nearly half of my 60 employees and saw revenue drop by about 85%. While I worked to provide competitive wages, health benefits, and paid time off, the real hardship fell on the people who lost their jobs and income.

Even as we rebuild, small businesses are facing another challenge. The Minnesota Legislature is considering letting an important tax policy expire: the Pass-Through Entity tax option.

Here’s what that means in plain terms.

Many small businesses, including mine, are pass-through businesses. That means the business itself doesn’t pay income tax. Instead, the owners report the income on their personal tax returns. But under current federal rules, there’s a limit on how much state tax we can deduct. That often leads to higher federal tax bills.

The Pass-Through Entity option fixes that. It allows the business to pay the state tax directly, which means the business can fully deduct those taxes on its federal return and lower the total amount of income taxed federally. The result is straightforward: small business owners pay less in federal taxes, without reducing what the state collects.

This policy is not new or controversial. Thirty-six states already offer it. It doesn’t cost Minnesota anything, it’s revenue neutral. And it benefits more than 66,000 businesses across the state.

In a state where the cost of doing business is already high, it’s hard to understand why we wouldn’t offer the same basic tax treatment as states like California and Illinois.

Small businesses have carried a heavy load in recent years, through a pandemic, rising costs and public safety disruptions. We’ve adapted, reinvested and stayed committed to our communities. What we need now are practical policies that support that work, not make it harder.

If the Minnesota House does not act soon, many businesses will face significantly higher federal tax bills. That’s money that could otherwise be used to hire workers, raise wages or reinvest in local neighborhoods.

I urge Gov. Tim Walz and members of the House Tax Committee to pass House File 3127 and extend the Pass-Through Entity election.

Small businesses are the backbone of our communities. We’ve proven our resilience. Now we need our state leaders to show the same commitment to us.

Daniel Hernandez is the owner of Colonial Market located at 2100 E. Lake St.

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