mr. moynihan? mr. rogers? >> very similar. i believe we are in the same range. stay thank you so much mr. chairman. as inflation is battering our public and interest rates are rising and causing credit card interest rates to go up and interestin rates to go up it its an across-the-board devastation for the american public. we had on the record earlier today that there is quote or money in their accounts end quote in all of these financial cetaceans been other words there a lot of products held by these financial institutions where just rates are rising. wanted over silver linings in an rising interest-rate environ is it favors folks to be roared for their savings. they are supposed to see the interest they earn on their savings account go up and yet what we have here is the fed fund. is currently mr. chairmanwa at 2.5% on the record funded at 2.5% with depository institutions paying between .01% and .05% which means risk the money anywhere between 2.4 to 2.5% just to 2.9% interest to their customer

mr. moynihan, micro side. mr. dimon, even as a book about the state of the global economy and some of your concerns. going to define us all finding for the purposes of this has a mild recession with limited financial stability risks. her landing is a prolonged recession, two plus quarters with heightened stability risks. so, keep that in mind. from a policy standpoint, what are you most concerned about what do you believe needs to happen to avoid the hard landing scenario? >> i think the sooner that the federal reserve gets their hand around inflation, so we avoid stagflation, that is the worst outcome. inflation with no growth and unemployment, that hurts the most people and most businesses, et cetera. so, again to make sure we have secure energy policies, so that prices don't skyrocket, energy is precarious. if we see that 1:50, it will cause a global recession. >> how confident are you in the fence ability to do that? >> i'm keeping my fingers crossed. >> need to. the event of a hard landing, where do you belie

mr. moynihan? >> consumer deposits are stable. >> are they using up more credit now than they were a year ago? >> consumers aren't starting to access more credit, particularly in the area of credit cards. >> mr. moynihan? >> credit card balances have balance since last year but are not back to pre-pandemic levels yet. >> when you factor in inflation, our consumers real wages down, mr. rogers? >> if you factor in inflation for most consumers, i believe real wages would be down. >> real wages are down, thank you. mr. moynihan? >> on a one-year, basis the inflation rate exceeds the wage growth. >> has the number of consumers with access to, say, real emerged gone up or down? >> consumers currently have more in their checking account then the opportunity to have an emergency savings account, it's actually increased during the last few years. >> mr. moynihan? >> consumer deposits and their accounts are multiples of where they were pre-pandemic. >> do you think the economy will get worse before it gets be

mr. moynihan's bank went through. at least have the government have a way for us to do those to authenticate themselves. thank, you i yield back. >> thank you. the gentleman from texas, mr. sessions, is now recognized for five minutes. >> madam chairman, thank you very much. to the panel that's in front of us, thank you for taking time to be here. mr. dimon, good to see you again. the opportunity that i think you have today as shown some light about how complex your businesses are. the varying attacks against you, the things that have happened to our country economically, the changes that are going on. your ability to work with industry and others who are needing capital, needing reassurance from you. you are employees who, during the pandemic, did not close down their chance to go to work. maybe some of you had different destruct restrictions based upon where you lived. but your blaze went to work, people kept the business running. there was not a run on the bank, there was thoughtfulness that went on by each of you i

mr. moynihan? >> we do not have any. >> mr. scharf? >> i'm not aware of any financing like that. >> okay, finally, a capital markets question. we have limits on margin leg designed to protect the land, or in this case the lender is you and your systemically important as us. designed to protect the investor but also to protect the capital markets. that's why, in equity investments, we only allow a 1 to 1 margin. but the total default swap is a loophole that allowed our goes to get 9 to 1 margins. can you commit now to follow the rules that we provide only 1 to 1 margin? what do you want to use loopholes to provide that 9 to 1 margin? i want to add that, with our cars, the lenders lost well over five billion dollars. mr. cecere? >> we have no relationship with that firm, and do not have -- >> to use credit default swabs to avoid the margin limit requirements? >> not that i'm aware of, sir. >> i believe my time is expired. >> thank you very much. the gentleman from michigan, mr. huizenga, is now recogn

mr. moynihan i'm going to ask you in a minute or so for non-obvious risk that mr. dimon does in covering this fraser i will close with you because you are global footprint. what risk are out there in asia or europe that could be transmitted into our system here? mr. dimon the origination market. >> i wouldn't call a systemic risk. we do need to reform it for the sake of the industry to get mortgages. >> mr. moynihan what risk are we not taking about and what is it that we are seeing right now?et >> are you talking about the mortgage business? >> no generally. >> sometimes i worry just as much about what's happening outside of the bank. when you thinklk about the econy and where it goes and the risk versus the leverage and honestly there's more of outside the banking system inside and that's something i can't guess on what shouldos watch it down terms of private lending funds that have high leverage multiples.k our industry because of the examination practices and frankly the way that companies around i can anticipate so i'd say it's always going to be about the eco

mr. moynihan and mr. scharf we are living through a climate crisis today and the commitment to netgear requires a a commit to ending fossil fuel financing. it is important it is a want you to know at the end will pay the cost of the public-health impact. these are people you're supposed to be serving, the folks you're supposed to providing and supporting yourto anything else defies all logic and scientific evidence. if her financial institutions are going toat follow through on your net zero commitment, then regulators including the federal reserve and congress must step in and make them. with that, thank you so much holding this hearing. i yield back. >> thank you. that gentlewoman from new york ms. khosrow cortez is now recognized for five minutes. >> thank you, madam chair and thank you to all of our witnesses who are here testified today. i want to die a little bit into paycheck protection program in a bit of what we seem afterwards. i have one of three reports here i would like to present today, a fo

mr. moynihan? >> we do not have any. >> mr. scharf? >> i'm not aware of any financing like that. >> okay, finally, a capital markets question. we have limits on margin leg designed to protect the land, or in this case the lender is you and your systemically important as us. designed to protect the investor but also to protect the capital markets. that's why, in equity investments, we only allow a 1 to 1 margin. but the total default swap is a loophole that allowed our goes to get 9 to 1 margins. can you commit now to follow the rules that we provide only 1 to 1 margin? what do you want to use loopholes to provide that 9 to 1 margin? i want to add that, with our cars, the lenders lost well over five billion dollars. mr. cecere? >> we have no relationship with that firm, and do not have -- >> to use credit default swabs to avoid the margin limit requirements? >> not that i'm aware of, sir. >> i believe my time is expired. >> thank you very much. the gentleman from michigan, mr. huizenga, is now recognized for five minutes. >> sorry, mada

mr. moynihan? >> we do not have any. >> and mr. sharp? >> i'm not aware of anything like that. >> finally, capital markets question, we have limits on margin lending designed to protect the lender, in this case the lender is you and you're systematically important to you, and designed to protect lending and protect the capital markets. that's why in equity lending one-to-one margin. but the total default swap is a loophole that allowed argos to get 9 to 1 margins. can you commit now to that we provide one-to-one margin or do you want to use loopholes to provide the 9 to 1 margin and add with argos, the lenders lost well over $5 billion? >> we have no relationship with that firm and do not-- ments do you use credit default-- these swaps to avoid the margin limit requirements? >> not that i'm aware of, sir. >> i believe my time expired. >> thank you very much. the gentleman from michigan, mr. is now recognized for five minutes. >> sorry, madam chair, it's my understanding that my colleague, mr. posy is next on the screen. clarifying before

mr. moynihan and then ms. fraser. >> i think you heard many of my colleagues talk about this, and this is a product in industry. the first is a no overdraft product. especially for students and younger people, we have 4 million of those, if you total it up across the board, that product allows people to have no overdraft capacity and then you have the ability for other products for people to opt in, and what we've done is reduced our overdraft fee from 35 to $10. we've reduced the ability to have the nsf type fees, number of occurrences all of that totalled up, we're down 60% this year and that will fall further but we're able to do that because of the scale and cape b abilities of our team in consumer banking the variety of banks in our system there's a variety of business models but one thing consistent the scale we've been able to achieve is allowing us to pass through to the consumer and remaining profitable. >> thank you ms. fraser. >> thank you, representative we are proud at citi to have eliminated over

mr. moynihan and then mr. -- fraser. >> first is a no overdraft product. specially for students and younger people i think if you told up across the board that allows people to have no overdraft capacity. then the ability for other products you can opt in and what we've done is starter overdraft currency from 35 to $10. all that totals up at 60% second quarter last year and second quarter this year and it will fall further and allow those changes to take place. we are able to do that because of scale and capabilities of our team and these larger banks in a variety of banks in our system, one of the things that are consistent is the scale we been able to achieve and these companies have allowed us to pass those benefits to the consumer. >> thank you. >> thank you very much. we are proud to have eliminated overdraft fees. this was the right decision for our bank and its reflective of a multiyear commitment to having a customer friendly approach similar to my colleague, we also have a product called the access product that accounts for most 20% of all of our

mr. moynihan? >> we reimbursed for unauthorized transactions and like mr. dimon said we send out notices and everything to avoid -- >> mr. shar? >> we reimburse for unauthorized transaction and we as a company and across ews world working toward reducing scam to try to drive it out of the system. >> last question in my remain for a second or so, yes or no, i asked his question last year. while you remain neutral if your employees try to neutralize? mr. shar? >> we believe we should have direct relationship with our employees. >> mr. moynihan? >> we will operate within for shareholders copters employees. >> mr. dimon? >> no. >> ms. frazier? >> we will cannot be neutral. >> mr. budd? >> we would not obstruct any activity we can't be neutral to the benefits. >> we will not retaliate. we will continue to be close to our employees. we will abide by the law. >> mr. demchak in the union can't of pittsburgh -- town of pittsburgh? >> that was a little dig. we wouldn't obstruct but, of course, i would be in conversations with our customers about so yes, we would be i

mr. moynihan next we'll go to mr. rogers. ognized for five minutes. >> that's brian moynihan of b of a, jane fraser from citi we'll await the q&a as it begins markets hanging on to gains even as oil has gone red. s&p at 3,875 ever wonder what everyone's doing on their phones? they're investing with merrill. think miss allen is texting for backup? no she's totally in charge. of her portfolio and daniel g. she's building a greener future and he's... running a pretend restaurant. and phil? phil has questions, but none of them are about his portfolio. digital tools so impressive, your money never stops working for you with merrill, a bank of america company. (vo) with their verizon private 5g network, associated british ports can now precisely orchestrate nearlyl, 600,000 vehicles passing through their uk port every year. don't just connect your business. (dock worker) right on time. (vo) make it even smarter. we call this enterprise intelligence. aflac! seriously? now there's a hole in your defense; look at the size of that- gaaa

. >> daniel patrick moynihan is a president of urban affairs speaking at a rally appropriately scheduled on halloween night. predicting the end of the world. >> good morning mr. president. >> where are you? >> i'm in a dark writing a speech but i'm going to give the russians a little. >> have you got a minute or is it a bad time? its brief so you can listen in and his ear retention time that long? >> can i just say to you that "the new yorker" is running three long sections and i think you'll be pleased. they found that what you had done and they couldn't believe it. the other thing is this pakistan thing i'm thinking of it in terms of the pakistanis and i need your help and advice in if i could trouble you. >> it may be too late. what you come down in a month. >> in december may be? >> december is a good time. if you have thoughts, november that maybe better. also we have to get henry into this. we put in 250 million-dollar --. >> no one else is done anything. you sound wonderful. very as good as they sound? >> i'm doing fine and developments next week may be of interest. >> i look forward to that. hadi like what you're doing? >> i like the u.n. and i'm abo

mr. saint. programs tab and go to the heart of the strength of the black community. and that's the family structure. first came the moynihan report and the it blamed black people for the problems it uses, whereas the black males, in terms of not being at home, first thing people did when they enslave black people, problem to this country was a separate to fathers for that first thing they did. and that kept on is with all the jim crow laws and jails filled with black males. the second thing they did was was the poverty program, the drain of the leadership from the black community, from across track right. that was intentional. and then to make the whole goes a lot of other pieces that you look at, but i won't try to go to level one. the hitches did didn't face the other program. the head was called urban renewal, but it built expressway ways right through the black community in the strength of it and economic development. the purpose to divide and conquer. all right. the purpose of it was to go out and give it structure the to strengthen the community. it was aimed at the target was the family structure of this of of our c