CEOs of the nation's biggest banks warn that new regulations could harm the economy
The heads of Wall Streetโs biggest banks used an appearance on Capitol Hill to plead with senators to stop the Biden administrationโs proposed changes to how banks are regulated, warning that the proposals could negatively impact the economy at a time of geopolitical turmoil and inflation.
Bank of America profits grow 15%, avoids industry crisis
Bank of America said its profits grew 15% last quarter, the latest of the big banks to do exceptionally well this earnings season as investors and consumers flock to Wall Street for safety after the failure of Silicon Valley Bank and Signature Bank.
COVID fears grow in Capitol as three lawmakers test positive
A second Democratic member of the House who was forced to go into lockdown during last weeks violent protest has tested positive for COVID-19. Rep. Pramila Jayapal of Washington says she has tested positive. Those who tested positive were among dozens of lawmakers who were whisked to a secure location when pro-Trump insurrectionists stormed the Capitol on Wednesday. It's not certain where and when lawmakers caught the illness, but the Capitolโs attending physician notified all House lawmakers of possible virus exposure and urged them to be tested. Rep. Bonnie Watson Coleman of New Jersey said Monday that she had tested positive for COVID-19.
Possible virus exposure for lawmakers sheltering during riot
(AP Photo/Patrick Semansky)WASHINGTON โ House lawmakers may have been exposed to someone testing positive for COVID-19 while they sheltered at an undisclosed location during the Capitol siege by a violent mob loyal to President Donald Trump. The Capitol's attending physician notified all lawmakers Sunday of the virus exposure and urged them to be tested. No further details were provided on which person has tested positive for the virus. Some lawmakers and staff were furious after video surfaced of Republican lawmakers not wearing their masks in the room during lockdown. A woman from California was shot to death by Capitol Police and three other people died after medical emergencies during the chaos.
Bank of America pledges $1 billion to fight racial inequality
Bank of America is donating $1 billion over the next four years to community programs and small businesses to help address economic and racial inequality that has been exacerbated by Covid-19. The billion-dollar donation is an expansion of the several hundreds of millions of dollars Bank of America donates to nonprofits and lends to small, minitority-owned businesses. Bank of America said the money will expand health services, like vaccination clinics, in communities of color, "support" small businesses, and recruitment of new bank employees in economically disadvantaged communities. Bank of America's donation, which amounts to $250 million a year over the next four, is tiny fraction of the $27.4 billion it made in 2019. It also returned a record $34 billion in share repurchases last year, the bank announced earlier this year.