u.s. banks based in minneapolis, minnesota holds one of the longest active banking charters in the united states. we spent nearly one in six years serving individuals, families, businesses and communities in striving to be a responsible and innovative leader in the financial services industry. at u.s. bank we operate a simple straightforward company with four core businesses consumer and business banking, corporate and commercial banking, payment services, and wealthic managemet and investment services but with burnt a reputation for and well managed, financially sound responsible in our approach to underwriting and risk. because at this and with the highest debt rating treatment recognized for eight consecutive years as one of the world's most ethical companies. these achievements are possible only because of our exceptional team members. we work hard to take care of their needs and invest in a career growth and development. this commitment is been for the reflector newly expanded related bene

at u.s. bankoperate a simple straightforward company with four core principles. -- opening commercial, banking payment services and wealth management and investment services. we have earned a reputation for being well managed, financially sound, and responsible in our approaches to underwriting and risk. because of this we have one of the highest ratings and have been recognized for eight consecutive years as one of the world's most ethical companies. these achievements are possible only because of our exceptional team members. we work hard to take care of their needs and invest in career growth and development. this commitment has been for the reflected in our newly expanded benefits, and recently announced increases and entry level pay. thanks to our incredible team, we provide exceptional banking experience to our customers. retail banking services are accessible when where and how our customers prefer. whether virtually or in person, one of a retail branches which we operate in 26 states. ther

that's what u.s. bank business essentials is for. (oven explosion) what about a new oven, can u.s. ans in as fast as 12 minutes. that would be a big help! huge! jumbo! ginormous! woo! -woo! finding ways to make your business boom. that's what u.s. bank is for. we'll get there together. (woman vo) sailing a great river past extraordinary landscapes into the heart of iconic cities is a journey for the curious traveler, one that many have yet to discover. exploring with viking brings you closer to the world, to the history, the culture, the flavors, a serene river voyage on an elegant viking longship. learn more at viking.com welcome back, caught speculation are growing louder and more urgent, as it battles through florida. category three storm just battled into cuba, have the destruction on the western side of the island but also causing a neutral -- more than 1 million people right now in the dark until morning. officials hope that electricity will be restored in the day ahead. it is expected to make landfall in florida, in port charlotte, and sarasota. category three, possibly four,

that's what u.s. bank is for.re together. >>> the martha's vineyard community coming together to help 50 migrants unexpectedly transported there by florida governor ron desantis. along with raising money some like my next guest are setting up and offering their legal services. joining me now is the litigation director of lawyers for civil rights. thank you. how are you doing? >> i'm well. how are you? >> i'm great. thank you for joining us. so, listen, you are organizing this attorneys locally to help these migrants. we're learning stories about how they were misled about where they were going and the help they would get if they got on these planes and buses. so tell us about what you're hearing. >> well, we at lawyers for civil rights began hearing about the situation within hours of when the planes touched down in martha's vineyard. people recognized that in addition to other needs that these newly arrived immigrants would have there were significant legal issues that were presented. so our team of attorneys wer

at u.s. bank straightforward company consumer and business banking corporate and commercial banking, payment services and wealth management and investment services. we have earned a reputation for being well-managed, financially sound, and responsible in our approaches to underwriting risk. this is reflected in her high debt ratings. these achievements are possible only because of her 70000 exceptional team members. work hard to take care of their needs and invest in their career growth and development. this commitment has been further reflected our newly expanded benefits and recently announced increase in entry-level pay. thanks to our incredible team we provide exceptional banking experience or customers. we told banking services are better but when, where and how or customers referred by that virtually or in person or one of our retail branches which we operate in 26 states. retail banking business that want to highlight today. first, we have pioneered several enhancements in addition to our a

that's what u.s. bank business essentials is for. (oven explosion) what about a new oven, can u.s. bank help us there? we can serve loans in as fast as 12 minutes. that would be a big help! huge! jumbo! ginormous! woo! -woo! finding ways to make your business boom. that's what u.s. bank is for. we'll get there together. dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones ♪♪ energy demands are rising. and the effects are being felt everywhere. that's why at chevron, we're increasing production in the permian basin by 15%. and we're projected to reach 1 million barrels of oil per day by 2025. all while staying on track to reduce our carbon emissions intensity in the area. because it's only human to tackle the challenges of today to help ensure a brighter tomorrow. >>> we've got a news alert on uber surrounding that hack we told you about on friday >> that's right. uber is out with a new statement this afternoon providing a little more detail on that disruptive cy

>> @u.s. bank, can you write a memo persuasively you should have a living will or do you think that's not necessary for banker size? >> we have a living will or the rev resolution plan that's been reviewed for the last ten years requested the fed should leave it at that? or should they impose something different? >> it has been successful we have a simple operation 99% of our bank is within the holding company. >> thank you very much i yield back manager thank you. >> thank you for the gentleman from illinois, mr. foster was also the chair of the task force on artificial intelligence is not recognized for five minutes. >> thank you madam. chair. i would just like to touch briefly again on a regulatory capitol levels. i am amazed at how consistent your industry is it's almost always with some elaborate set of logic to try to convince us that should be able to leveler out more. it's interesting you probably all been forced to learn. [inaudible] they are always demanding a higher levels of leverage. a

that's what u.s. bank business essentials is for. (oven explosion) what about a new oven, can u.s. p us there? we can serve loans in as fast as 12 minutes. that would be a big help! huge! jumbo! ginormous! woo! -woo! finding ways to make your business boom. that's what u.s. bank is for. we'll get there together. >> welcome back to fast money. a read on auto sales came out today. let's get the very latest numbers. phil? >> melissa, these were not good numbers, and nobody expected them to be good. remember, if you don't have the supply, you can do the sales, and that's what we are seeing with the automakers. we really only get the foreign automakers on a monthly basis. for the automakers who reported they, we are talking about toyota, honda, and honda, keep in mind, these are in comparison to last year. so the numbers are very lumpy. it was at the beginning of what we saw the price of getting in. in some cases, for toyota and honda, these were not easy comparison. for hyundai, a little bit easier comparison. in terms of what the market expect overall, you've got demand outpacing suppl

counselor at u.s. bank, can you write a memo persuasively that you should have a look, we'll or you think it is not necessary for a bank? >> we have a living will and a resolution planned as have been reviewed by the -- last ten years. >> do you think the fed should leave it at that or impose something different? >> i think it's been successful, we have a very simple operation. 99% of our bank is within the holding company. >> thank you very much, i yield back, madam chair. >> thank you. the gentleman from illinois, mr. foster, who is also the chair of the task force on artificial intelligence, is now recognized for five minutes. >> thank, you madam chair. i would like to just touch briefly again on regulatory capital levels. i'm amazed at how consistent your industry is. when you come to, us it's almost always with an elaborate set of logic to try to convince us that you should be allowed to lever out more. it's interesting because, you've probably all been forced to learn about the molani miller theory wh

at u.s. bank we operate a simple straightforward company with four core principles. -- opening commercial, banking payment services and wealth management and investment services. we have earned a reputation for being well managed, financially sound, and responsible in our approaches to underwriting and risk. because of this we have one of the highest ratings and have been recognized for eight consecutive years as one of the world's most ethical companies. these achievements are possible only because of our exceptional team members. we work hard to take care of their needs and invest in career growth and development. this commitment has been for the reflected in our newly expanded benefits, and recently announced increases and entry level pay. thanks to our incredible team, we provide exceptional banking experience to our customers. retail banking services are accessible when where and how our customers prefer. whether virtually or in person, one of a retail branches which we operate in 26 states.

u.s. bank. together. >>> even if the nice bounce last week continued today, this is a pretty down beat market as i said at the top, it feels like people are looking for any reason to be negative. okay it's hard to blame them. the federal reserve still in the war bath, an awful month in vast swaths of the market are in tough shape but one other thing we heard constant warnings about. the first two weeks of this month are conference season and a wide spread fear many companies would use the conferences to -- that's right, cut the forecast but it didn't happen though, at least not to a meaningful extent. conference season got rolling with the barclay's consumer's staple and that turned out to be an exciting event, not a catastrophe where we got hit with mass guidance cuts. then the tech companies sounded off at the co-conference last week and i thought they were upbeat however, look, it's not been perfect. there were two high profile companies that did cut numbers and we'll talk about them. newel b

a predecessor bank agreed to a $10,000 mortgage to u.s. secretary of state john forsythe with 40 enslaved people as collateral. j.p. morgan chase, assets of approximately $3.38 trillion. predecessor bank accepted 13,000 enslaved people as collateral for loans. came into possession of 1250 enslaved people from defaults on loans. in the case of j.p. morgan chase there has been an apology publicly made in announcing a scholarship which amounts to about 384,000 $.61 per enslaved -- i have a question for you, each of you. the question is this. if you believe your bank has done enough to atone for your involvement with slavery, kindly raise a hand into the air. let the record reflect that no hand has been raised. will you publicly, will you publicly publish an atonement plan on or before your next appearance before this committee? an atonement plan has indicated you've not done enough, will you publish an atonement plan on or before your next visit? if so, raise your hand. let the record reflect that not one bank has proposed an atonement plan. i

that would free up the balance sheet capacity among u.s. banks.ight now, that is a huge issue and probably driving some liquidity issues, higher yields, and stronger dollar that we are seeing. i still think that is also a bit of a distant prospect at the moment, but that could offer some relief from these currencies. but without the fed, i don't see much happening in terms of this trend reversing. kriti: something we will keep our eye on. and it does reverse now, six month, we will have erik nelson back on. thank you, as always good coming up, we discussed more on -- that conversation next. this is bloomberg. ♪ kriti: this is a bloomberg markets. u.s. stocks are dropping and remaining on edge. actually near session lows, with a cautious rebound. joining us now, kimberly forrest of bokeh capital partners. we think you as always for joining us. we want to start off with a currency ticker. how much of the show would be paying attention to when it comes to american stocks, as opposed to perhaps something isolated to europe? >> unless elon musk gets hi

it was also executives from a lot of u.s. banks. in the context, a lot of these banks have reduced their footprints for many years in the u.k. in the wake of braggs it so they have already started to step back. right now you have those u.s. bank executives stepping in for a meeting like this at a time when a lot of their clients we've been reporting all morning are facing collateral calls and potential for selling. one recommendation here with more communication earlier on about the plan. guy: did the chancellor have any requests for those he was meeting with? sonali: we have been asking about this. one thing that was reported by sky news is something the banks can really do. they are intermediaries so they were told to not short the pound that some of the banks are doing anything -- anyway if the clients would make decisions. so the chancellor would have to meet with a different set of advisors i thing that's the key question but is there anything market wise and really stopping folks. >> some executive markets have been probably qu

what are some of the most significant challenges that u.s. banks face when tryingng to compete with banks around the globe and this is to the whole panel. >> mr. larson argue addressing that to any one of our witnesses? >> it's to the whole panel. >> as we said earlier the near-term competitiveness of the chinese banking system is an issue but the longer-term isar e real issue. they decide the economic issues of the country and they have made large amounts of money and they are developing the technique to compete on a worldwide basis with the l multinational client base with the world. outside the country. it's something to be concerned about and frankly they can operate in the u.s. and the current rule set without much problem in terms of financial resources. >> if anyone else would like to comment on that before go to another question? go ahead. >> thank you very much for the question. i would add many of us support the american multinational competitiveness and the scale is massive by these companies and the resulting jobs in america. for that n

the first of the largest u.s. bankstely eliminate overdraft fees and returned item fees for our customers. we have been a leading proponent of pay equity. earlier this year we launched a first-of-its-kind diverse financial institutions group to lead our engagement with minority depository institutions and diverse broker dealers and asset managers this group is focused on helping these diverse institutions scale and expand into new markets. it includes a groundbreaking rotational program that embeds citi executives with ndis for up to a year. the bottom line, my citi colleagues and i understand and embrace the responsibilities that banks play in advancing economic empowerment and mobility i hope my pride in citi's story has come through, but i also want to be clear about recognizing the need to continue improving as we strive to build an even safer and sounder bank for the future thank you for your opportunity to speak with you about the work we're doing to support american consumers and businesses i look forward to your

u.s. stocks fell after a number of major banks followed the fed in raising rates. as korea looks to expand global innovation, the head of a top tech university. >> a quick check on wall street. we have u.s. futures coming online. this was a downbeat session. declining for a third straight day. investors are starting to heed the message that jay powell is serious about bringing down inflation. the gravitational pull toward the long end of the curve. the recession fears coming into the market and that is being reflected in the oil market. how that is setting us up for the asian trading session, we have new zealand stocks coming online to the downside. new zealand shut today for a public holiday. another wild session and the currencies market. the swiss franc is one of the ones we have been watching. it's incredible these days that even a 75 basis point move from a central bank can beat disappointing to investors. haidi: there's a huge amount of risk in terms of the strategy that japan is taking. >> we had really seen warning signs of this coming through over the last

raising rates for fist time what it means for the markets and your money we bring down inflation, u.s. bank chief investment officer eric friedman here with his take you are watching "mornings with maria" live on fox business. . ♪ choosing miracle-ear was a great decision. like when i decided to host family movie nights. miracle-ear made it easy. i just booked an appointment and a certified hearing care professional evaluated my hearing loss and helped me find the right device calibrated to my unique hearing needs. now i enjoy every moment. the quiet ones and the loud ones. make a sound decision. call 1-800 miracle now, and book your free hearing evaluation. maria: welcome back futures turning higher here after the federal reserve raised rates another 75 basis points yesterday. the efforts to fight inflation have caused markets to sell off, the yield curve is widest in 22 years two year 10-year with two year 4.075% this morning up 1/2 basis points, ten year 3.544% up 1 1/2 basis points off highs joining me u.s. bank asset management group chief investment officer eric freedman thanks very m

that's what u.s. bank is for.and some of the laggards on the ndx. we'll talk about the turbulence in tech, as adobe is down 25% on the week we're back in just a moment. "tech check" starts at the top of the hour. ♪ ♪ i was having relationship issues with my old bank. it was just take, take, take. so i moved to sofi checking and savings. get 2.00% interest, and earn up to $300 when you set up direct deposit. sofi. get your money right. to adapt in a fast changing world, you set up direct deposit. you could hire a professional pit crew. go, go, go. sorry. nope. okay. fresh donuts - hot coffee! they deliver real time data and business forecasts when you need it. i think it was fine how it was. (air tool sound) to help you stay ahead of the curve... or you could use workday. the finance, hr and planning system that helps cfos make better decisions faster. on the other hand, we had a great fourth quarter. for a accelerate your decision-making world. workday. for a changing world. power e*trade's award-winning trading a

banks. congress was very interested in what they had to say about the u.s. consumer.d more than five hours of tough questions from the house committee on financial services wednesday here in the u.s.. they will face another round from the congressional committee in the senate on thursday. jamie dimon and jane fraser led the warning on economic risks the consumer with jamie dimon saying the u.s. economy is a classic tale of two cities with competing headwinds and tailwinds that make it very difficult to bricked the future. frazier predicted more difficult times ahead for the consumer. the ceos told lawmakers of efforts they made to help the consumer by eliminating overdraft fees. wells fargo ceo also touted his bank efforts to reduce overdraft fees. his bank came under fire from lawmakers this year after an investigation found that wells fargo had approved fewer than half of refinancing sought by black homeowners. you will notice a lot of red on the screen. the bank stocks appeared to do fairly well during a lot of the testimony. during the final hour of trading, it wa

u.s. banking industry testify for the second today and tomorrow before the senate about their business practices and regulations. at 10:00 a.m., a senate committee holds a hearing on scams that target the elderly. that is streaming on the c-span video app which is free to download on your mobile device. >> we are funded by these television companies and more, including buckeye broadband. ♪ >> buckeye broadband supports c-span as a public service, along with these other television providers, giving you a front row seat democracy. announcer: federal reserve chairman jerome powell announced another increase to interest rates by three quarters of a percentage point in response to record high inflation. it is the third consecutive time rates have increased at that level. this news conference is about 45 minutes. chair powell: good afternoon. my

first republic, gpm, u.s. bankerest rates now and this is something we haven't factored in before but as rates keep coming up the banks are going to make a lot more money on this not giving anybody high interest rates on their checking and savings accounts they're lending, making money on the spread and also the investment management business as people move more to alternative investments. i think this is a good tail wind for the banks especially our money centered banks and wealth management banks >> do you agree with that? is this a good time to buy bank stocks you have the conflicting stories. right, i've got higher rates, worries about the economy. which rules the day for these stocks >> yeah, absolutely. so, scott, i mean obviously these banks are well capitalized. i'll start there but i think there's still a lot of headwinds here. higher rates, slower demand potentially on loan demand and commercial loan demand i think that's a concern obviously the ipo market has shrunk, so not a lot of issue is there at all

well progressives and progressive democrats are focused on moving u.s. banksals, republican senators are focused on innovating of the industry. senator cynthia loomis saying she is worried that the u.s. is taking their number one status as the world leader in financial services, for granted and diamond says that she is right. speak of lazy part of policies things we got wrong, will be could have done better, immigration taxation, health care, litigation, all these things, i think it is loaded down america. i think we shall be focusing more on how we can grow more and create more wealthier, afford more military, et cetera, et cetera. >> diamond also says that china is on her heels but also says that america has a locked that china does not have. >> china is a serious competitive issue we all have to deal with so i totally agree with that. i do not think that americans should be embarrassed. we stilled the most prosperous nation on planet, they have autocracy come in on the food coming of energy, they need 15 million air barrels of oil a day and they get four fr

everybody from big ones, bank of america, morgan stanley, key bank, u.s. city and u.s. bank corp. and the regionals aren't doing well and we'll talk with a regional ceo coming up. why isn't that a trader right now? >> it is a trader and jp morgan and it's been beat up and in the spotlight for quite some time here. you'll see that support that builds into it and from a conceptual point of view, investors aren't confident enough to get back into it and we'll see the hard landing and we'll start rebounding from this albeit at the end of last year or beginning of next year. when that does occur, that whole sector arrives straight up with it. liz: hugh, i don't know how you feel about crypto, that's one area that's actually moving higher. we do have bitcoin popping a bit of a percentage here and not to mention, xrp so bitcoin right now is up about 5.5% and ethereum 6% and in fact charlie gasparino is coming up in a few minutes with the ceo of ripple that speaks for xrp, their native coin and brad garlinghouse next on .s dave, you following crypto? >> yeah, and i think everyone kind of

u.s. banking industry testify for the second day in a row.

u.s. central bank in washington with more. edward?orter: liz, the market initially did not like the data from the federal reserve falling immediately after that announced came back when the federal reserve chairman jerome powell says they would moderate the pace of increases based on the data in the future. then fell again when i asked how long americans would feel economic pain. basically two years. trying to get to a federal funds rate of 4.6%. that means two more large hikes this year and one smaller hike in january upon of next year. >> we have always understood restoring price stability while achieving relatively modest decline, increase in unemployment and soft landing would be very challenging and we don't know, no one knows whether this process will lead to recession, if so how significant that recession would be. reporter: but the federal reserve projections show gdp growth will end this year at .2% and stay under 2% growth for the next foreseeable future until the end of 2025, liz? elizabeth: always terrific journalism, edwa

rishaad: a dozen u.s. banks have agreed to pay fines for a combined $2 billion for failing to monitor employees communications on unauthorized messaging apps. lenders say the penalty includes bank of america, citigroup and goldman sachs. the exchange commission saying they failed to maintain trust by requiring them to use official communication channels and maintaining and preserving that institute. that is a look at the first word headlines. yvonne: still ahead on bluebird markets asia, hong kong lawmaker robert lee joins us and has insights on the financial sector. next, dramatic escalations and moscow's energy war with europe and a winter without russian gas looming. this is bluebird. -- this is bloomberg. ♪ at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. yvonne: some of our big stories here this morning as well, russ

this past summer we became one of the largest u.s. bankscompletely eliminate overdraft fees and return for our customers. we have been a leading proponent of pay equity. earlier this year we launched the first of its kind diverse financial institutions group, lead our engagement with minority institutions and asset managers. this group is focused on helping these diverse institutions expand into new markets. within md eyes. the bottom line, city colleagues and i understand and embrace responsibilities in advancing economic empowerment and mobility. i hope my pride has come through but i also want to be clear about recognizing the need to continue improving as we try and build an even safer and sound bank for the future. thank you for your opportunity to speak with you about the work we are doing. to support american consumers and businesses. thank you very much. >> next we will go to mr. mannheim. you're recognized for five minutes to present your oral testimony. >> thank you chairwoman waters, ranking member mchenry and members of the comm

a bank holiday in the u.s. the bulk of reaction is witnessed across the european forces as we have talked about this, when european economists put together the forecast, the worst case scenario is a full cutoff from russian gas this is it this is the situation that europe finds itself in today the reaction, of course, as you imagine, has been negative across the board starting with germany in the eye of the storm the dax is down 3.1% today more and more companies in germany say because of rising energy costs, they have to cut production this is going to have huge ramifications on an economy that is reliant on manufacturing and industry dax is suffering the most because of the link to russian gas and nord stream 1. the major utility we have been talking about and received a bailout from the german government is down 85% for the year just to give you kcontext of how utilities are suffering. another country in the eye of the storm which is reliant on gas as an energy source and steve has talked about, we have the

as your bank seen an escalation in financial attacks on the cyber sector? start with u.s. banker. >> we have not seen any indication of an attack. >> dnc? >> same. >> jp morgan? >> i think of the united states government credit for working closely with the banks. we expected a lob we've not seen a lot, very little bit but that doesn't mean it's over. >> city group? >> we have not seen that in the united states. >> bank of america? >> we haven't seen a major increase, but the question is what happens next. >> truist? >> we have not seen a major increase specifically related to that. >> wells fargo? >> same answer as my colleagues. >> i'm just curious, what's the size of your budget for cybersecurity in each of your bank's? pnc? >> i don't know if the top of my head, i would assume it's close to the sides of u.s. banks. >> jp morgan? >> $700 million directly, a lot more indirectly. >> citigroup? >> same, almost $800 million. >> bank of america? >> roughly one billion dollars and a lot indirectly with our partners. >> truist? >> several hundred million dollars, directly ended

good news in theory for the u.s. banks, a banks will not be able to take advantage of it. to do anything to cap a lid on consumer spending. just saying. it's like a policy versus central bank kind of thing. a great example of how they might not mash up trade -- match up. guy: looking forward to catching up next, this is bloomberg. ♪ pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. guy: thursday the 15th of september. european stocks near session lows right now. energy hurting equities. the countdown to the close starts now. >> the countdown is on in europe. this is "bloomberg markets: european close" with guy johnson and alix steel. guy: 30 minute

liz: u.s. bank management sign yoarm strategist rob howard. right now, you heard charlie gasparino.ll me how you position and prepare for something like that. even if it doesn't come to pass, you want to be ready. >> the challenge is it coming at a time when the market slowing down. we are positioning defensively, that takes us to the underweight equities and look at a shorter maturity higher quality end of the spectrum given some of the risks we don't know how that is going to play out. and the fed goes through its own quantitative titlenning measures -- tightening measures. liz: charlie said there are some market dislocations. do you see market dislocations right now? >> we have seen much volatility. we are not seeing anything being disruptive just yet. liz: there is another question i have. what do you like here? >> it's tough to like a lot. we are focusing more on infrastructure and utilities thinking getting some current cash flow in this environment as we watch the market re-price earnings estimates means you are better off getting paid sooner. on the fixed income side it's th

ceos of the largest u.s. banks are on day two of testifying to congress.enator elizabeth warren is up with a question to jamie dimon. senator warren: and you want to keep that report a secret. mr. dimon: i apologize if we didn't give you the numbers you asked for. i'm sure we responded. talking about authorized transactions that we have an enormous amount of systems to stop in the amount of fraud relatively is very small for this. sen. warren: i appreciate working to get the commercial for it. but if i don't have the numbers i can verify that. mr. dimon: you will get that. sen. warren: do you want to give me a ballpark? mr. dimon: i don't have the numbers in front of me. sen. warren: this is a serious problem that's been going on. mr. dimon: i will get you the number immediately. sen. warren: i don't want to make it up but i don't want you to wait another two and a half months for i get to see the very simple data. we will get it by the end of the day. how about you mr. scharf. do you have numbers. >> i do not, i apologize to you but we will get you them i

how three u.s. bank executives are in front of the house financial services committee to testify on their business practices and existing regulations. everything also streams live on c-span now, our free mobile video app. >> c-span is your unfiltered view of government. we are funded by these television companies and more, including charter communications. >> broadband is a force for empowerment. that's my charter has invested billions for infrastructure, upgrading technology, and communities big and small. charter is connecting us. >> charter communications supports c-span as a public service, along with these other providers. giving you a front row seat to democracy. >> up next, a hearing on the impact of sanctions against russia. in reaction to republican governors sending undocumented migrants across state lines. that's followed by the united nations secretary general talking about global challenges. later, the former secretary of state mike pompeo speaks at an event in manchester, new hampshire.

u.s. banking regulators have the stat -- >> speaking for myself, there are my jury and my hang man, they can do whatever they want unless constrain by you. >> reporter: republicans offered a warning to bankers. >> you will never win. never. the uber-woke sweepstakes. >> reporter: there was some discussions abouts the economy, jamie diamond said he's apprehensive about inflation. >> chad pilgrim on the hill, thank you. >>> house democrats passing bills. not without a fair amount of internal drama. some progressives including squad members, corey bush and aoc, blocking the package and delaying it for hours, arguing the bill failed to hold police cat accountable. they're hoping to show voters they are actually funding the police less than seven weeks before the midterm election. >>> a north dakota man said he intentionally ran down a teenager with his suv over his conservative politics. he's out of jail tonight, the teenager is dead. >> reporter: the 41-year-old shannon brand called 911 on himself last sunday admitting to hitting the 18-year-old, killing him. the two had some types of altercati

are tracking 56,000 companies globally and out of these companies there are only a couple hundred u.s. banksfitable and able to expand their margins. what we want to see is a company able to keep their gross margin constant, ideally grow it to keep sg&a costs in line, ideally cut them and keep their ebitda margin in line and grow it. they are not that easy but they do exist. liz: let's get to them. i know our investor audience is very eager to hear some of these. >> so first of all we like shock wave. that is not that well-known but interestingly out of all the u.s. based companies that have market capitalization above 10 billion this is the, this cop is the second highest organic growth after moderna. they have far the top growth in their sector growing by 180% compared to 11% for the average. what they do, they provided a vice that clears plaque from your arteries. this is big addressable market. vascular market and very few direct competitors. we've been long-term holder and will continue to be. liz: their gross margins are really significant, are they not? 85%, do we have that right? >>

the u.s. banks -- globally systemic banks are in the best shape financially they've been in in decades as a group different business model issues, et cetera. but as a group from a capital liquidity perspective going into a crisis you want your financial system and you want your core banks to be strong, and they are. secondly, consumers, they refinanced a lot of their mortgages, they had the luxury of very low rates, they saved during covid, consumers come in with their personal balance sheet better those two things are very different from some of the other periods we've had over the last 20 years >> what are you looking for to see that perhaps the fed might be done? does unemployment have to go to 5? you tell us about the four four four but when i listened to loretta mester today, very important fed member, i felt that a lot of the work we had done toward the slowing inflation didn't mean much to them that they're not happy at all, wages are too high, homes are too high, they're not happy with how t

u.s. central bank is taking action to fight inflation. kate: it has been taking action for months. this is just the latest in a series of interest rate hikes. the u.s. federal reserve raising those interest rates by .75% for the third time in a row. that takes america' yes borrowing costs to their highest level in 14 years -- that takes america's borrowing costs to their highest level in 14 years. higher interest rates tend to encourage consumers to save rather than spend. inflation in the u.s. has paid back slightly on its recent what-year highs -- recent 40-year highs of 8.3 -- hitting 8.3% last month. .2% gdp growth is forecast for the year. the federal reserve said it is not done yet and expect more rate hikes before the end of the year as it tries to get inflation closer to its 2% target. higher inflation rates affect things like credit card and mortgage payments. fed chairman jerome powell said the fed is now facing a delicate balancing act. >> my colleagues and i are acutely aware that high inflation poses significant hardship as it erodes purchasing power, especially for tho

joining us now is jeff saut and lisa erickson of u.s. bank wealth management. ar long we've been hearing the u.s. is the best house in a bad neighborhood, you should stick in the u.s. because we have better growth, higher yields, we don't have an energy crisis to the extent of europe is that still the case though? >> i think that's still the case secular bull markets tend to last 15, 20 years. do you get pullbacks yes. we had at least a dozen pullbacks this year, every time we get one, the bears come out of the woodwork and tell us we're in a bear market it's just not so bull markets tend to extend for 15, 20 years we're in a secular bull market >> we are in a bear market we're 20% off the highs for the s&p. that's technical definition. it felt like that for a lot of investors. >> that still doesn't mean you're not in a secular bull market if you study 100 years of the dow jones industrial average and look at secular bull markets, you'll see 20% and 30% pullbacks and yet you were still in a secular bull market. >> okay. lisa, what's your take >> we're really mor

more than 500 u.s. banks collapsed a single month by the end of december 1931. a total. of 2294. american banks had failed during year alone. desperate to stem what he called a degenerating, vicious cycle, hoover reached out to the nation's banking elite. early in october, secretly convened a group of leading new york bankers. he asked them to voluntarily organize as a private banking corporation with a capital of $500 million, a lot of money those days to be supplied. the banking community itself. the corporation use this fund to lend to banks that in hoover's word were under attack by. unreasoning depositors by rescuing these tottering banks from the danger of closure. this new corporation, he hoped would revive confidence in the banking system. the new york bankers reluctantly acquiesced, but only hoover promised them promised them that if necessity requires he ask congress to create a governmental banking entity patterned after the war. finance created in world for one. it soon transpired that the worried bankers had less faith, who very in cooperation than he did, unwilling t

u.s. central banks are trying to catch up. sweden is just the first of several expected to act this week. the u.s. federal reserve is expected to raise its key rate by as much as .75% for the third time in a row. the bank of england is also expected to build on recent rate his with another half a percentage point move on thursday. >> hiking rates does not always fix inflation. the fed does not haves good a record on that. it oen causes a recession. we know that. not all the time but much of the time, so there are some risks here. >> the world bank has noted the unusual degree of synchronicity among central banks raising interest rates at the same time and warned last week the world could be edging toward double recession next year. kate: central-bank decisions are really what will be moving markets this week. major european indices closing in the red, about .6% in london. in germany, the producer price inflation was driven by soaring energy prices and are higher than expected. wall street also closed lower as the u.s. federal r