There’s a joke going around Washington about the best strategy for the Wall Street chief executives when they face off with lawmakers this week: Stay calm and let Jamie Dimon take over.
In remarks prepared for this week’s hearing, the bank leaders touted their efforts to hire women and minorities, highlighted lending in low-income communities and credited regulations for making their firms safer. Gorman even praised the Volcker Rule, which prohibits institutions from trading for their own profit and limits ownership of risky investments; Gorman said it is preventing Morgan Stanley from taking “extraordinary risks.
“Other than to pull before the committee the CEOs of the seven big banks, what’s the purpose of it?” said North Carolina Rep. Patrick McHenry, the top Republican on the panel. “It’s an attempt for media attention.”“From a politics perspective, it’s so cheap and easy to beat up on the financial services sector. That isn’t what we should be doing here,” said Rep.
Change is exactly what the bank CEOs would like to discuss. The Financial Services Forum, the trade association that represents all the CEOs who are testifying, has led the lobbying campaign. Ahead of the hearing, the group has organized meetings with the offices of nearly every committee member, Ocasio-Cortez being a notable exception.
Each individual bank has been preparing its CEO for his testimony. The WilmerHale law firm has been hired by four banks — Citigroup, Bank of America, Bank of New York Mellon and State Street — to advise their leaders, according to people familiar with the matter. Davis Polk & Wardwell has worked with Goldman Sachs and Morgan Stanley.
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