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.
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 7th, 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?”
COMMENTARY: The National Protest Must Be Accompanied with Our Votes
Just as Trump is gathering election data like having the FBI take all the election data in Georgia from the 2020 election, so must we organize in preparation for the coming primary season to have the right people on ballots in each Republican district, so that we can regain control of the House of Representatives and by doing so, restore the separation of powers and balance that our democracy is being deprived of.
Dr. John E. Warren, Publisher San Diego Voice & Viewpoint Newspaper. File photo..
ByDr. John E. Warren, Publisher San Diego Voice & Viewpoint Newspaper
As thousands of Americans march every week in cities across this great nation, it must be remembered that the protest without the vote is of no concern to Donald Trump and his administration.
In every city, there is a personal connection to the U.S. Congress. In too many cases, the member of Congress representing the people of that city and the congressional district in which it sits, is a Republican. It is the Republicans who are giving silent support to the destructive actions of those persons like the U.S. Attorney General, the Director of Homeland Security, and the National Intelligence Director, who are carrying out the revenge campaign of the President rather than upholding the oath of office each of them took “to Defend The Constitution of the United States.”
Just as Trump is gathering election data like having the FBI take all the election data in Georgia from the 2020 election, so must we organize in preparation for the coming primary season to have the right people on ballots in each Republican district, so that we can regain control of the House of Representatives and by doing so, restore the separation of powers and balance that our democracy is being deprived of.
In California, the primary comes in June 2026. The congressional races must be a priority just as much as the local election of people has been so important in keeping ICE from acquiring facilities to build more prisons around the country.
“We the People” are winning this battle, even though it might not look like it. Each of us must get involved now, right where we are.
In this Black History month, it is important to remember that all we have accomplished in this nation has been “in spite of” and not “because of.” Frederick Douglas said, “Power concedes nothing without a struggle.”
Today, the struggle is to maintain our very institutions and history. Our strength in this struggle rests in our “collectiveness.” Our newspapers and journalists are at the greatest risk. We must not personally add to the attack by ignoring those who have been our very foundation, our Black press.
Are you spending your dollars this Black History Month with those who salute and honor contributions by supporting those who tell our stories? Remember that silence is the same as consent and support for the opposition. Where do you stand and where will your dollars go?
BLACKPRESSUSA NEWSWIRE — I have found that there are some educational approaches that consistently provide a safer, more enriching, and more affirmative environment for Black children. The Montessori method, developed by Italian physician Maria Montessori and introduced to the U.S. in the early 20th century, is one such approach.
As a mother of four children, I’ve done A LOT of school shopping. I don’t mean the autumn ritual of purchasing school supplies. I mean shopping for schools – pouring over promotional materials, combing through websites, asking friends and community members for referrals to their favorite schools, attending open houses and orientations, comparing curriculums and educational philosophies, meeting teachers and principals, and students who all claim that their school is the best.
But keep in mind – I’m not just a mom of four children. I’m a mom of four Black children, and I’m also a psychologist who is very interested in protecting my little ones from the traumatic experience that school can too often become.
The truth is that schools are more than academic institutions. They are places where children go to gain a sense of who they are, how they relate to others, and where they fit into the world. The best schools are places that answer these questions positively – ‘you are a valuable human being, you are a person who will grow up to contribute great things to your community, and you belong here, with us, exploring the world and learning how to use your gifts.’ Unfortunately, Black children looking for answers to these universal questions of childhood will often hit a brick wall once they walk into the classroom. If the curriculum does not reflect their cultural experiences, the teachers don’t appear to value them, and they spend most of their time being shamed into compliance rather than guided towards their highest potential, well…what can we really expect? How are they supposed to master basic academic skills if their spirits have been crushed?
Here’s the good news. In my years of school shopping, and in the research of Black education specialists such as Jawanza Kunjufu and Amos Wilson, I have found that there are some educational approaches that consistently provide a safer, more enriching, and more affirmative environment for Black children. The Montessori method, developed by Italian physician Maria Montessori and introduced to the U.S. in the early 20th century, is one such approach.
The key feature of Montessori schooling is that children decide (for the most part) what they want to do each day. Led by their own interests and skill levels, children in a Montessori classroom move around freely and work independently or with others on tasks of their own
choosing. The classroom is intentionally stocked with materials tailored to the developmental needs of children, including the need to learn through different senses (sight, touch/texture, movement, etc.). The teacher in a Montessori classroom is less like a boss and more like a caring guide who works with each child individually, demonstrating various activities and then giving them space to try it on their own. The idea is that over time, students learn to master even the toughest tasks and concepts, and they feel an intense sense of pride and accomplishment because they did it by themselves, without pressure or pushing.
I think that this aspect of the Montessori method is good for all kids. Do you remember the feeling of having your creativity or motivation crushed by being told exactly what to do, when to do it, how to do it, and why? The truth is that when presented with a new challenge and then given space, children actually accomplish a lot! They are born with a natural desire to learn. It is that spirit of curiosity, sense of wonder, and excitement to explore that Montessori helps to keep alive in a child. But that’s not the only reason that I think Black parents need to consider Montessori.
Fostering a love of learning is great. But more importantly, I think that Montessori students excel at learning to love. It begins with Montessori’s acknowledgement that all children are precious because childhood is a precious time. In many school systems, Black children are treated like miniature adults (at best) or miniature criminals (at worst), and are subjected to stressful situations that no kids are equipped to handle – expectations to be still and silent for long periods, competitive and high-stakes testing, and punitive classroom discipline. It’s easy to get the sense that rather than being prepared for college or careers, our children are being prepared to fail. Couple this with the aforementioned bias against Black children that seems to run rampant within the U.S. school system, and you end up with children who feel burned out and bitter about school by the time they hit 3rd grade.
In my experience, Montessori does a better job of protecting the space that is childhood – and all the joy of discovery and learning that should come along with that. Without the requirement that students “sit down and shut up,” behavioral issues in Montessori classrooms tend to be non-existent (or at least, the Montessori method doesn’t harp on them; children are gently redirected rather than shamed in front of the class). Montessori students don’t learn for the sake of tests; they demonstrate what they’ve learned by sharing with their teacher or classmates how they solve real-world problems using the skills they’ve gained through reading, math, or science activities. And by allowing children a choice of what to focus on throughout the day, Montessori teachers demonstrate that they honor and trust children’s natural intelligence. The individualized, careful attention they provide indicates to children that they are each seen, heard, and valued for who they are, and who they might become. Now that’s love (and good education).
As a parent, I’ve come to realize that many schools offer high-quality academics. Montessori is no different. Students in Montessori schools gain exposure to advanced concepts and the materials to work with these concepts hands-on. Across the nation, Montessori schools emphasize early literacy development, an especially important indicator of life success for young Black boys and men. Montessori students are provided with the opportunity to be
successful every day, and the chance to develop a sense of competence and self-worth based on completing tasks at their own pace.
But I have also learned that the important questions to ask when school shopping are often not about academics at all. I now ask, ‘Will my children be treated kindly? Will they be listened to? Protected from bias and bullying? Will they feel safe? Will this precious time in their lives be honored as a space for growth, development, awe, and excitement? Will they get to see people like them included in the curriculum? Will they be seen as valuable even if they don’t always ‘measure up’ to other kids on a task? Will they get extra support if they need it? Will the school include me in major decisions? Will the school leaders help to make sure that my children reach their fullest potential? Will the teacher care about my children almost as much as I do?’
Consistently, it’s been the Montessori schools that have answered with a loud, resounding ‘Yes!’ That is why my children ended up in Montessori schools, and I couldn’t be happier with that decision. If you’re a parent like me, shopping for schools with the same questions in mind, I’d urge you to consider Montessori education as a viable option for your precious little ones. Today more than ever, getting it right for our children is priceless.
LIVE from the NMA Convention Raheem DeVaughn Says The Time Is Now: Let’s End HIV in Our Communities #2
Set against the backdrop of the NMA conference, Executive Officers from the National Medical Association, Grammy Award Winning Artist and Advocate Raheem DeVaughn, and Gilead Sciences experts, are holding today an important conversation on HIV prevention and health equity. Black women continue to be disproportionately impacted by HIV despite advances in prevention options. Today’s event […]
Set against the backdrop of the NMA conference, Executive Officers from the National Medical Association, Grammy Award Winning Artist and Advocate Raheem DeVaughn, and Gilead Sciences experts, are holding today an important conversation on HIV prevention and health equity.
Black women continue to be disproportionately impacted by HIV despite advances in prevention options. Today’s event is designed to uplift voices, explore barriers to access, and increase awareness and key updates about PrEP, a proven prevention method that remains underutilized among Black women. This timely gathering will feature voices from across health, media, and advocacy as we break stigma and center equity in HIV prevention.
● Gilead Sciences is increasing awareness and addressing stigma by encouraging regular HIV testing and having judgment-free conversations with your healthcare provider about prevention options, including oral PrEP and long-acting injectable PrEP options.
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