During today’s House Financial Services Committee hearing, Republican Leader Patrick McHenry (NC-10) questioned the bank CEOs on the outlook for jobs and the economy and the challenges we’re facing as we work to recover.
The CEOs of some of America’s leading banks agreed with Republican Leader McHenry and confirmed job dislocation poses a threat to our recovery.
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Watch Republican Leader McHenry’s full exchange with the bank CEOs here.
Read excerpts from Republican Leader McHenry’s exchange with the bank CEOs:
Republican Leader McHenry: “This as an opportunity for me to ask you important questions about your insight into the economy. ... The question I have for the whole panel is on the outlook on jobs going forward. … We had 266,000 net increase in employment, but eight million jobs unfilled. There is a lot of debate in Washington about why that is happening, and I’d like to hear from you, as experts on the economy, about the nature of that.”
Brian Moynihan (Bank of America): “Our small business customers, we just completed a survey, and the issue raised has come up to the highest level of all the issues. It was the pandemic obviously six months ago, and now it’s turned to getting workers for their jobs. I think it’s a serious concern... I agree with you. If you think forward, about the risk to the economy, it’s the inability to get stuff in through ports and the ability to get people back to work in a fashion now that the economy is opening up.”
Jane Fraser (Citi): “Yes, I think we’re seeing significant dislocations as the economy normalizes…”
Jamie Dimon (J.P. Morgan Chase & Co.): “Ranking Member, I think the reasons are many-fold, including some of the unemployment insurance, including the fact that our schools haven’t been opened up…”
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