ceo brian moynihan hitting back about the plan to offer this to minorities, watch. >> there are special buyer as long as they meet income requirement to buy a house in a majority minority neighborhood. this is limited program geared like we did 5 billion in loan financing to revitalize neighborhoods. >> cheryl: will debut in charlotte, dallas, miami, critics say it ignores middle-class white families who may want to have zero down loan. i don't like these, to be clear, very bad idea. >> todd: heck no, they won't go. >> cheryl: major banks require employees to return to office, workers at the "new york times" refusing to do so. 1300 staffers pledging not to come back. this journalist tweets, the "new york times" is giving employees branded lunch box, we want respect and fair contract. i'm working from home this week along with 1300 colleagues with support from the union. to be clear, they are being asked to return three days a week issue not five days a week, three days a week. >> todd: the horror. >> carley: people are soft. what is going on with twitter? >> cheryl: elon musk may not wa

brian moynihan, will you interfere? >> we will deal directly. >> running out of time, show of hands. could you raise your hand if you agree to not interfere? >> we will agree to abide by the law and not retaliate against employees. it is not as simple -- >> listen to our teammates and not retaliate. >> yes or no? >> we will listen and not retaliate. >> your workers are watching under their accountability. thank you and i yield back. >> thank you, the gentleman from tennessee, mr. rose, is now recognized for five minutes. >> thank you for holding this hearing. it is important we conduct oversight of the nation's largest bank particularly in this climate where many are bending to productive activists and access to financial services for illegally operating businesses. jamie dimon, you testified before the committee and may of 2,020 one that there are certain areas where you have, quote, cut back because, quote, the risks, legal regulatory is too high to do business. i have become aware of bank denial letters that jpmorgan

big bank ceos including jamie dimon and brian moynihan are scheduled to testify before congress to hearing about holding banks accountable. we are expecting jamie dimon to warn about the economy should there be more restrictions placed on banks. the big one, 7:00 p.m. u.k. time is the fed's rate decision. investors have fully priced in a third consecutive 75 basis point hike. some traders are betting on a four point hike and it's all about the dots. coming up, it's all about the dots for us. we will continue our coverage looking ahead to the fomc decision later today. stoltenberg sees -- lacking legitimacy and likely will worsen the situation on the battlefield. we will also bring you any updates on whether or not putin will speak whether or not we will get any pretaped remarks. all that to come. this is bloomberg. ♪ >> under the present circumstances, when we go from an environment that two and half years ago something like that was zero or even slightly negative after 9% and it continues up, that means that inflation volatility is really beyond what we have observed for the past 20 years

maria: and last we spoke with brian moynihan ceo bank of america stalked about strength of consumer areou seeing any cracks at this point andy i know in can he corners of this population we see some going into savings accounts, and using money to pay for the 40-year high inflation we are all dealing with. >> well, i mean maria when you look across, households in the u.s. no doubt there is pain out there when we pull back look at aggregates we're not seeing -- more robust -- levels of spending activity, and saving activity, we are seeing something more he he leveling off but certainly not turned the other way, and we can't see signs of consumer being noticeably weaker, at this point on the cycle, so the story as brian said last week with consumer hanging in there, you know, in some ways surprisingly well. maria: all right. we leave it there great info this morning andy thanks so much for being here. >> thank you. >> we will see you soon andy sieg merrill lynch, lawmaker immediate to move on passing a funding bill, or face a shutdown kansas senator roger marshall will give us a state of a

brian moynihan answer your question from represented frank lucas. >> i remember the economic suffering we endured in the 1980's. i was at college and just getting to farm on my own. the fed had to strangle high inflation out of the economy. i worry reckless policies and the stimulus we've seen make this more difficult. during a recent speech, the fed vice chairman for supervision discussed how the federal reserve is considering how to development risk related scenario analysis. i worry the regulations that could begin to use climate stress. which could have negative long-term economic consequences. climate scenario design and associated data remain considerable obstacles as well as the high potential for political -- . would you discuss your perspective on the argument on climate risk with increased capital requirements? >> for the folks here we've done -- we are quite worried about this and have always been. the fed does one a year of one type. we do multiple different types. among the stress we've had of hurricanes, storms and floods, the extent it's real we say yes. the extent for s

putting the brakes on some banks consolidation, and in doing so, one of the biggest gifts around to brian moynihan of bank america and jame ip dimon at jpmorgan. deepens the u.s. banks u.s. bancorp investors waiting for the merger to be approved. pnc completed their deal doing quite well mergers still a thing, not as much in the current political environment. >> and i guess got to get through whatever kind of recession scare that is, and see how it goes. mike, thanks appreciate it. >>> now check on the markets dow is up a little bit up about 53 points s&p 500 now in losses. down about a quarter of a percent. still below that 3800 level. russell 2000, deep under performer off almost 2% on the day. >>> up next, tell you why ftx and sam backman fried are looking to buy a new round of funding even as bitcoin meets new lows, speaking of bitcoin cutting its rate on block, on "bitcoin fixation." we'll talk to the analyst who made that call "closing bell" will be right back. you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime

it and be the best bank, be the best corporation you can in serving your community and i think brian moynihant 2nd when he talked about his pipeline for fossil fuel industries and those who depend on fossil fuels is huge and so is his pipeline for green energy companies. so that's the way to the do it. but stay out of individual political issues because elections have consequences. maria: you wrote a great op-ed on foxbusiness.com. james, you've written about this. they're not staying out of this issue, right? big investors like larry fringek bullying companies they better get on the esg bandwagon. >> i'm predicting fossil fuel loans get back with more regularity than the ought a naff energy loans but -- alternative energy loans. i won't ask you to make a prediction on that. i'm wondering on the ground, are there bankers -- florida bankers, do they say no to fossil fuel projects or participating in those projects because there's just too much political heat or do they still feel, despite all this rhetoric, free to make those loans? >> james, in the free state of florida, no, the answer is no

next we have brian moynihan, who is the chair and ceo of bank of america.t we have william rogers jr., chairman and ceo of truist financial corporation. and finally, we have charles scharf, who is the president and ceo of wells fargo and company. with that objection, your written statement will be made part of the record. each of you will have five minutes to summarize your testimony. we should be able to see a timer on your screen, which will indicate how much time they have left, and a time will go off at the end of your period, i would ask you to be mindful of your timer and quickly wrap up your testimony if you hear the chime. before we begin with your oral testimonies, i would like to swear in the witnesses. well all of you please raise your right hands? do you solemnly swear or affirm that the testimony will give before the committee, in the matter is now under consideration, will be the truth, the whole truth, nothing but the truth so help you god? let the record show that all the witnesses answered in the affirmative. you maybe, of course, you alrea

have inflation as this mistake has been as far as they're concerned catastrophic >> why does brian moynihan and everyone else over the last five days come out and talk about how strong the consumer is >> i hear you and there's so much pain people are feeling because of inflation -- >> it's not showing up yet >> one thing disheartening to me i look at all this data at the end of the day the only data i need took loo at it gas prices it determines how people feel, how they think, and to some extent how they spend. there were 3.4 million people employed than they were in january. at the same time their attitude is such that inflation is the be all end-all. >> a helicopter going over the beach here we are live in huntington beach, california professor jeremy siegel, he's our headliner today of course at the wharton school he's been outspoken not only on inflation itself but what the fed should do about it professor, it's great to talk to you today. you had made the argument inflation was coming down broadly and would lessen what the fed had to do. you want to rethink that today >> i want to ela

i think people like jamie dimon, brian moynihan, others that i've talked to, they're looking for realansition that doesn't destroy the american economy. we can provide that through modern technologies and innovations but certainly not through regulation. maria: as if the left policies has not destroyed this economy enough, senator, i've got to take your attention to what we're looking on the screen right now. we have live pictures of port authority, another migrant bus arrived in port authority in new york city. there are women and children coming off of the bus, as well as adult males. they're coming into port authority. we don't know what their intentions are or where they're going from here. but this border crisis is really erupting now that abbott is saying okay, 7,000 people a day coming into texas, we're going to put them on busses and we're going to send them to big cities, left running cities, left run cities, rather, so that your colleagues on the left understand what's taking place here. >> and good for him for doing it. and shame on these liberal mayors and these liberal sa

. >> now, here's bank of america ceo brian moynihan. it's funny when it's called bank of america and they seem to be doing a of anti-american stuff, just echoing the left's talking points, sustainability response aghost requires us to work with clients of every size in every sector to support just transition to a sustainable future. we all face a transition to a secure energy environment. the private sector has the funding to scale the long term thinking to help with this toughest issues. including those senator , other than being aggressively boring, he he's clearly bought into all this esg nonsense that china and india are just howling. yeah, let me just decipher for the for the person watching at home, what that means is , is that you as a working person are going to have to pay a lot more in gas prices. you're going to have to pay double digit increases for food. you're going to have to pay for higher energy costs to heat your home. he, meanwhile, will keep flying in his private jet to davos and all these other places and be toasted

i'm glad to see folks from back home from wells and bill rogers from truist and brian moynihan from bank of america. they do want to get right to it and i'd like to ask you to keep your remarks at 30 seconds we can hear from everyone. this question is to each of the witnesses. as you all may know i am founder cochair of the bipartisan hbcu caucus and the cdc we are grateful that several of you have taken up the partnership challenge and some of you wells fargo have endorsed the hbcu excellent at the this is hbcu week and the white house is pushing that as well. my question is i want to know directly please be as detailed as you can what is your long-term plan to engage with this board andir to recruit from hbcus and how were you evaluating the effectiveness of your external recruiting efforts in the pipeline program so mr. scharf let's start with you. >> cumbersome t and thank you fr your leadership and your extraordinarily hard work and we are proud to be a part of your leadership efforts. hbcus for us are incredibly important relationship and from the things that we do to support the h

among the ceos, jamie dimon, citibank's jane fraser, bank of america's brian moynihan and wells fargo'sf will appear. according to the testimony, dimon will warn congress of economic storm clouds including high inflation, supply chain disruptions, and declining consumer confidence, financial services committee services representative jake auchincloss will join us to talk about it at 8:00 a.m. eastern. >>> checking on the crypto ahead of today's fed meeting, a remre reminder to join the conference. among our special guests, aisle sit down with stan druckenmiller. stay tuned, you're watching "squawk box" on cnbc you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence. >>> welcome back to "squawk box. in corporate news, stitch fix sliding in the shares.

brian moynihan said the plans will be based on feedback from staff surveys.ll add formality to the flexibility and be specific to each business unit. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. paul: thank you very much. let's look at what is going on on the fx markets for the moment. double strength, continuing to be a major theme when it comes to the job easy and. we have seen further depreciation today. 143.28. the uber question of the day does deal with this issue. when might we see some intervention to address that rapidly depreciating yuan? that psychological level could be breached. we have seen 10 consecutive days of stronger-than-expected innings from the pboc. shery: we have some -- seen some support for the yuan from export numbers so far. there is pressure because of the yuan not to mention encouraging monetary policies of the two countries but the record tray -- trade surplus has helped keep that support level f

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airline fares are already rolling over >> we had brian moynihan on the show and other bankers who say. >> no, the top is flush. if you're rich and down 20%, you're still rich. >> the fact real estate -- you love your inflation and you talk about how wage inflation -- >> the federal government. >> if you have no income growth the last few years because inflation is outpacing all of the wage growth that we're seeing, inflation could be a really insidious thing for people at the low end and you're ready to just let it -- >> no. i think the fed -- i think the fed can do smaller increments and see the outcomes of what they're doing. >> so be data dependent? >> yeah. >> remember the topic of current data i think the fed is living in a glass house. i think they should be talking to business leaders and asking what they're seeing. how are you going to buy a car, joe, with a 7% -- used to get 0% financing. you ain't going to be able to get 0% financing home sales, car sales are going to keep going up they're not going to go up when they pile up the inventory >> you think we could solve this on

. >> ceos from the country's six largest banks, including jane fraser and brian moynihan testified before services committee on regulatory and oversight matters in the banking industry. they addressed several issues, including the influence of chinese banks, and the impacts of the pandemic. this is part one of a three-part hearing. this first portion of the hearing is two hours. the committee will come to order. that chair is authorized to declare races of the committee at any time. this hearing is entitled, holding meghan banks

next we have brian moynihan, who is the chair and ceo of bank of america. next we have william rogers jr., chairman and ceo of truist financial corporation. and finally, we have charles scharf, who is the president and ceo of wells fargo and company. with that objection, your written statement will be made part of the record. each of you will have five minutes to summarize your testimony. we should be able to see a timer on your screen, which will indicate how much time they have left, and a time will go off at the end of your period, i would ask you to be mindful of your timer and quickly wrap up your testimony if you hear the chime. before we begin with your oral testimonies, i would like to swear in the witnesses. well all of you please raise your right hands? do you solemnly swear or affirm that the testimony will give before the committee, in the matter is now under consideration, will be the truth, the whole truth, nothing but the truth so help you god? let the record show that all the witnesses answered in the affirmative. you maybe, of course, you a