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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.

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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?”

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

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Black Americans Still Face Deep Retirement Gaps Despite Higher Incomes

BLACKPRESSUSA NEWSWIRE — Debt remains a significant barrier. 63% of higher-income Black households said debt is a problem, while just 45% of non-Black households at the same income level said the same. Nearly half of upper-income Black respondents said debt affects their ability to save or live comfortably in retirement.

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By Stacy M. Brown
Black Press USA Senior National Correspondent

A report from the Employee Benefit Research Institute shows that Black Americans continue to face serious challenges in saving for retirement, even as their incomes grow.

The 2025 Retirement Confidence Survey, which included a special oversample of Black workers and retirees, found that the wealth gap remains wide at every income level. Among households earning $75,000 or more, only 33% of Black Americans reported having $250,000 or more in savings and investments, compared with 63% of non-Black Americans. Debt remains a significant barrier. 63% of higher-income Black households said debt is a problem, while just 45% of non-Black households at the same income level said the same. Nearly half of upper-income Black respondents said debt affects their ability to save or live comfortably in retirement.

While many Black Americans expressed confidence managing day-to-day budgets, fewer felt prepared to invest or plan for the long term. The study showed that Black Americans with higher incomes were less likely to have personally saved for retirement, 77%, compared with 87% of non-Black Americans. Retirement experiences also differed sharply. Forty-four percent of Black retirees said they retired earlier than planned because of a health problem or disability, compared with 32% of non-Black retirees. After leaving their main jobs, Black retirees were more likely to work for pay to make ends meet, and more often said their retirement lifestyle was worse than expected. Access to financial advice and planning remains uneven. Just 31% of Black respondents reported currently working with a financial advisor, although nearly half expect to do so in the future. Black Americans were more likely to seek help with reducing debt, creating wills or estate plans, and arranging life insurance than simply determining if they had saved enough to retire.

Researchers Craig Copeland and Lisa Greenwald wrote, “Black Americans reported disproportionately lower financial resources, and how they feel about retirement and financial security is clearly impacted by having less resources.” They continued, “In particular, Black retirees are struggling with higher likelihoods of their retirement lifestyle being worse than expected and having to retire earlier than planned because of a health problem or disability.” “Still,” the researchers concluded, “there are some modifications in the financial system that could help improve their prospects, such as increased assistance in balancing competing financial priorities like debt reduction, supporting family, and building long-term savings.”

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Scorching Heat Sparks Bipartisan Climate Alarm

BLACKPRESSUSA NEWSWIRE — As record-breaking heat waves sweep across the country this summer, a new national poll reveals an overwhelming majority of Americans are linking the punishing temperatures to climate change — and voicing deep concern about the government’s ability to respond.

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By Stacy M. Brown
Black Press USA Senior National Correspondent

As record-breaking heat waves sweep across the country this summer, a new national poll reveals an overwhelming majority of Americans are linking the punishing temperatures to climate change — and voicing deep concern about the government’s ability to respond.

The American Climate Perspectives Survey 2025, conducted by ecoAmerica, found that 86% of Americans say rising temperatures have increased their concern about climate change, with more than half reporting they are “a lot” more concerned. The sentiment cuts across demographic and political lines, with 97% of Democrats, 83% of Independents, and 79% of Republicans expressing heightened worry about the climate crisis. “Americans are connecting extreme heat to climate change, their health, and government inaction,” said Meighen Speiser, Executive Director of ecoAmerica.

Nearly nine in ten respondents recognize the toll heat is taking on public health, with 58% saying extreme heat affects health “a lot.” This awareness is remarkably consistent across racial, age, and income groups.  Among Black Americans, 91% said rising temperatures have intensified their concern about climate change, reflecting some of the highest concern levels among any group surveyed. Those concerns are not abstract. Decades of research by the Brookings Institution, NOAA, and others show Black communities often face the greatest exposure to extreme heat and the fewest resources to adapt. Studies have documented that historically redlined neighborhoods, where many Black Americans live, are routinely up to 10 degrees hotter than wealthier, predominantly white neighborhoods nearby.

In cities such as Atlanta and Baltimore, Black homeowners are significantly more likely to face heat risks and energy insecurity, limiting their ability to cool their homes as temperatures rise. Nationally, Black renters experience higher rates of energy insecurity, with over half struggling to afford adequate cooling during heat waves. Meanwhile, the latest study also points to a notable shift in how Americans perceive the link between climate change and extreme weather. Eighty-two percent now believe that climate change is making extreme events, such as floods, wildfires, and hurricanes, more frequent and severe, up six points since 2021. The most dramatic change is among Republicans: the share who recognize that climate change is fueling extreme weather surged 17 points over four years, from 58% in 2021 to 75% in 2025.

These findings arrive as proposals to slash funding for the Federal Emergency Management Agency (FEMA) and the National Oceanic and Atmospheric Administration (NOAA) advance in Washington. The agencies are widely seen as the nation’s front-line defense against disasters and a critical source of weather forecasting and emergency relief. The risks are particularly acute for Black communities already facing disproportionate impacts from hurricanes and flooding, as seen in the devastation of New Orleans after Hurricane Katrina and more recent storms that have repeatedly displaced predominantly Black neighborhoods in the Gulf Coast and Southeast.

The survey shows Americans are not just worried about rising temperatures — they’re anxious about the government’s readiness to protect communities. Seventy-nine percent said cuts to FEMA and NOAA make them more concerned about the federal government’s ability to respond to climate impacts. That includes 92% of Democrats, 76% of Independents, and 69% of Republicans, underscoring that the anxiety is bipartisan.

Generational divides are also apparent. While 95% of young adults reported that extreme heat has boosted their concern about climate change, the figure was lower — but still significant — among adults over 65, at 70%. However, across all age groups, majorities agree that the crisis is escalating and requires immediate action. “These findings show it’s time to drop partisan politics and rather meet this moment with urgency, leadership, and protection,” Speiser said.

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Michael Jackson Estate Files Court Petition Alleging $213 Million Extortion Plot by Frank Cascio

BLACKPRESSUSA NEWSWIRE — The court action, exclusively obtained by Black Press USA, reveals in unprecedented detail how the estate contends that Cascio and unnamed associates used their proximity to Jackson—once proudly touted in books and interviews—to demand a fortune from the most successful celebrity estate in history.

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By Stacy M. Brown
Black Press USA Senior National Correspondent

The Estate of Michael Jackson has filed an explosive petition in Los Angeles Superior Court accusing Frank Cascio, a man once described as Jackson’s “second family,” of masterminding a $213 million extortion plot to force payouts by threatening to flip decades of public support into salacious allegations about the King of Pop. The court action, exclusively obtained by Black Press USA, reveals in unprecedented detail how the estate contends that Cascio and unnamed associates used their proximity to Jackson—once proudly touted in books and interviews—to demand a fortune from the most successful celebrity estate in history. “For over 30 years, these individuals held themselves out as Michael Jackson’s most passionate defenders,” the petition states, quoting Cascio’s repeated assertions—under oath and on national television—that Jackson never harmed him or any child. “It was a shakedown,” the estate’s lawyers charged.

A Decades-Long Public Defense

As recently as 2011, Cascio promoted his memoir My Friend Michael, describing a warm, fatherly relationship with Jackson. “I want to be precise and clear, on the record, so that everyone can read and understand,” he wrote. “Michael’s love for children was innocent, and it was profoundly misunderstood.” He doubled down in dozens of interviews. During a 2005 ABC Primetime Live broadcast, Cascio—then using the name Frank Tyson—declared: “If Michael ever laid a finger on me, I would not be in this chair right now.” In a 2011 sit-down with Wendy Williams, he said with conviction, “Nothing at all. And that’s what makes me so upset,” when asked whether Jackson had ever acted inappropriately. Even years later, one of the respondents continued to insist Jackson was a target of “liars,” telling Oprah Winfrey during a televised interview: “Michael couldn’t harm a fly. He’s such a kind and gentle soul. Michael was a target.” In 2019, when HBO’s controversial Leaving Neverland documentary ignited a fresh wave of criticism and threatened multiple Jackson-related projects—including Cirque du Soleil’s “Michael Jackson ONE”—estate co-executors John Branca and John McClain, along with the Michael Jackson Company, sought Cascio’s support. Instead, they say, Cascio turned on them.

A Secret Settlement

Facing mounting public pressure and what they describe as repeated threats to invent new claims, the estate entered into a confidential settlement on January 10, 2020. Under the agreement, Cascio and his associates would receive millions over five years—$3 million each, according to sources familiar with the negotiations—in exchange for comprehensive waivers, a sweeping nondisclosure clause, and an ironclad promise to arbitrate any disputes. The estate said it acted reluctantly to protect Jackson’s children and preserve projects that would cement the late artist’s legacy. “We have a fiduciary responsibility to maximize the income of the estate,” Branca said in an earlier interview. “Our counsel insisted we sign the agreement. They didn’t want it disclosed either because Michael’s fans would have gone after these people.” The settlement contained an unusually strict provision barring even the disclosure of the agreement’s existence.

The $213 Million Demand

Despite having collected payments under that deal, Cascio, through lawyers, allegedly re-emerged in July 2024 with a stunning ultimatum: Pay $213 million more, or face a media spectacle. According to the court filing, Cascio’s legal team—then led by attorney Howard King—threatened to “expand the circle of knowledge” and leak allegations to the buyer of Jackson’s $600 million music catalog if their demands were not met. In one email sent August 29, 2024, King wrote, “We expect a substantive response by the end of day tomorrow. Otherwise, we will be forced to expand the ‘circle of knowledge.’” The estate called this an extortionate threat designed to pressure them into paying for silence. The estate responded by initiating a confidential arbitration proceeding on September 17, 2024, accusing Cascio of civil extortion and anticipatory breach of contract. Days later, Cascio’s lawyers delivered draft lawsuits “riddled with outlandish scurrilous allegations” that directly contradicted his years of public statements.

The Geragos Factor

By January 2025, Cascio had replaced his counsel with Mark Geragos—ironically, Jackson’s former defense lawyer who had proclaimed to Good Morning America that “there’s nothing sexual going on” and that Jackson was “100 percent innocent.” In his 2013 book Mistrial, Geragos wrote of Jackson’s 2005 acquittal: “The evidence was overwhelming that he never touched this kid, and the entire thing was a huge shakedown.” He also appeared on The Megyn Kelly Show in December 2021 to blast Leaving Neverland, calling it “a complete rewrite of history” and an “absolute travesty.” However, now Geragos has taken the opposite stance, representing Cascio in a renewed effort to file public litigation. According to the estate’s filing, Geragos lowered the demand to $44 million but warned that if the estate refused, they would sue for defamation, emotional distress, and an alleged “cover-up.” The estate insists these claims are “bogus” and barred by the original settlement’s releases and arbitration clauses. The petition points out that the agreement explicitly requires arbitration for any disputes, even the question of whether a claim is arbitrable. “The question of arbitrability is itself a question to be resolved finally by the arbitrator,” the contract states.

The Estate’s Broader Mission

This latest legal battle comes as the Jackson estate continues to flourish. Since Jackson died in 2009, Branca and McClain have transformed a $500 million debt into an empire generating over $3 billion. Projects include the record-breaking concert film Michael Jackson’s This Is It, Cirque du Soleil productions, and the upcoming Antoine Fuqua biopic MICHAEL, starring Jackson’s nephew Jaafar. Yet Branca says managing the estate means protecting it from opportunistic attacks. “Michael was acutely aware of the racial undertones in how he was perceived,” Branca told Black Press USA in a prior interview, recalling Jackson’s lament: “Sinatra’s the chairman of the board. Elvis is the king. Springsteen is the boss. But what do they call me? The Gloved One…that’s racist.” Branca added, “I definitely believe there’s a racist element in the media coverage of Michael Jackson since the 1980s. Michael got so big many were jealous.” The estate has requested that the court order Cascio into arbitration and award legal fees. If the petition is granted, any subsequent proceedings would take place in private. For now, the estate is vowing not to yield. “We will continue to manage the estate with the integrity and dedication that Michael deserved,” Branca said. “Attempts like this to tarnish his memory for financial gain will not succeed.”

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