WFC - 8 Wall Street Bank CEOs Reluctant To Take A Stand On Cannabis Reform After Sen. Questions Them During Hearing | Benzinga
In a three-hour Senate Banking Committee hearing on Wednesday, US. Sen. Raphael Warnock (D-GA) asked eight CEOs of the biggest banks in the country to raise their hands if they support the SAFER Banking Act. Only Brian Moynihan, CEO and chairman of Bank of America (NYSE: BAC) raised one finger to indicate some kind of support, while the remaining seven CEOs kept their hands in place, reported Cannabis Business Times.
Warnock seemed surprised. "None of you support the SAFER Banking Act?”
Moynihan replied. "Senator. We all support the intent of it. The problem is it doesn’t fix the problem. So, don’t take our non-ascensions as…” Warnock cut him off, saying "Let me ask my next question. Raise your hand if you believe passing the SAFER Banking Act will reduce—will reduce—the racial wealth gap.”
While Mohniahan and Jamie Dimon of JPMorgan Chase & Co. (NYSE: JPM) kind of flipped their hands, Charles Scharf of Wells Fargo & Co. (NYSE: WFC), Jane Fraser of Citigroup (NYSE: C), Ronald O’Hanley of State Street (NYSE: ...