Congressman Bill Huizenga (MI-02), who serves as Ranking Member of the House Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, questioned the CEO’s from Bank of America, JP Morgan Chase & Co, Citi Group, Bank of New York Mellon, Goldman Sachs, Morgan Stanley, and State Street Corporation about their capitalization, protecting taxpayers from another bailout, and what impact Brexit will have for their operations in Europe as well as for the economy globally. Congressman Huizenga closed his time by acknowledging JP Morgan Chase and Citi Group for their commitment to investing in Detroit. Below are some of the highlights as video of the conversation.
On Protecting West Michigan Taxpayers from Another Bailout: “As someone who was publicly opposed to the bailouts that happened under Dodd-Frank, I was not in Congress at the time, but I am dealing with the echo effects of it yet today. I was very frustrated to see that and having to explain to constituents about why that had gone on. I have had the chance to express to at least a couple of you personally that you cannot count on this Congressman to ever allow that to happen again, or to vote for a situation like that. Part of the action here and what we are trying to do is to make sure it never happens again on anybody’s watch.”
On Capitalization of Banks: “Are you properly capitalized, properly sized, and stable so that you can survive without hardworking American taxpayer dollars having to be put back into the system and have the taxpayer on the hook?” – All of the bank executives before the committee responded yes.
On Detroit: Thank you, Mr. Dimon and Mr. Corbat, for your involvement in Detroit. Coming from Michigan it is very important work that you have been doing and I look forward to some more explanations of it.
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