“Theater, Not Oversight” — That’s what North Carolina Rep. Patrick McHenry, a prominent GOPer on the House Financial Services panel, had to say about Wednesday’s hearings from big bank CEOs.
Can’t say I disagree with him.
Is there a single ape out there that’s going to fire up C-SPAN and actually watch this thing? Hopefully, it’s not as embarrassing as those tech CEO hearings from a few years ago.
Based on prepared remarks, there probably won’t be a whole lot of juicy content. The theme seems to be, “yea, prices are way too high, war and supply chain creates an uncertain future, yada yada.”
Most of these sessions will probably be dominated by political posturing ahead of the midterms, but there are some topics that could actually have some substance.
Overdraft fees and savings rates are two big ones. Most think the former is too high and the latter too low.
Despite rates likely landing at 3% after the FOMC meeting, the average savings account rate is just 0.17%. Something doesn’t add up there.
Overdraft fees are criticized for punishing the poor, and while they’re not as harsh as they used to be, there’s probably room to bring them down further.
Other than some substance in these two areas, expect a lot of political posturing.
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