My hearing with Wall Street CEOs

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My hearing with Wall Street CEOs

“Bank CEOs blistered by Sen. Sherrod Brown to do more for public”
 – Bloomberg

Last week for the first time ever, the Senate Banking and Housing Committee held a hearing with the CEOs from the six largest banks in our country.

I asked JP Morgan’s CEO why he makes 900 times more than his company’s lowest paid worker. He punted responsibility elsewhere.

I asked that same CEO if he wouldn’t interfere if his employees wanted to form a union. He said “no,” flat out.

And I asked the CEOs to tell me what concrete actions they plan to take to make our financial system work for everyone — and not just for themselves.

Because the fact of the matter is, hard work isn’t paying off for American workers the way it is for those at the very top.

Just take a look at what happened during the pandemic. Workers faced the highest unemployment rate since the Great Depression. I heard from workers who were laid off without severance. And while folks were figuring out how they would pay their bills and buy groceries, some were hit with overdraft and late fees from their banks.

At the same time, Wall Street’s profits soared.

It’s a pattern that has gone on long before the pandemic. Corporate profits, stock prices, and CEOs’ compensation soar, at the expense of the workers who help create that wealth.

Under Republican leadership, too often the Banking and Housing Committee rolled over for Wall Street. As the Chairman of the committee now, I’m proud to say those days are over.

We’re taking on powerful special interests, and standing on the side of the workers.

I’m fighting for accountability from the biggest financial institutions in our country. I’m fighting to make our economy work for everyone — not just Wall Street. And I’m fighting for the Dignity of ALL Work.

And I’m so grateful to know I have you in this fight with me, because it’s going to take all of us getting involved to change the Wall Street system, from the ground up.

With gratitude,

Sherrod