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☆ 3 of our stocks are in the news — here's our take on what's happening
▼ + stars: | 2022-09-21 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +10 min

Scharf, who took over the troubled lender in October 2019, said in his congressional testimony Wednesday that Wells Fargo has "approximately $1.9 trillion in assets." The Club take: Our investment thesis in Wells Fargo largely rests on a two-pronged approach to boost earnings. As rates rise, Wells Fargo can make more money on the spread between what it pays customers for deposits and what it charges for loans. Still, intensifying recession fears have ultimately been a drag on Wells Fargo shares this year. Investors must be realists, though, and our stake in Wells Fargo never assumed it would be a quick fix.

☆ Megabank CEOs head to Capitol Hill to testify before lawmakers
▼ + stars: | 2022-09-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMegabank CEOs head to Capitol Hill to testify before lawmakersThe heads of America's biggest banks are set to face questions from the U.S. House Financial Services Committee on Wednesday. CNBC's Leslie Picker joins 'Squawk Box' with the details.

☆ Watch JPMorgan Chase CEO Jamie Dimon and six other bank leaders get grilled by Congress
▼ + stars: | 2022-09-21 | by ( Hugh Son | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 10:00 a.m. Please refresh the page if you do not see a player above at that time.] The CEOs of the biggest U.S. retail banks, including JPMorgan Chase's Jamie Dimon and Wells Fargo's Charlie Scharf, are set to testify before the Democrat-led House Financial Services Committee. The hearing is called "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" will begin at 10 a.m. E.T.

☆ JPMorgan CEO Dimon to warn Congress of economic 'storm clouds' -testimony
▼ + stars: | 2022-09-20 | by ( Pete Schroeder | ) www.reuters.com time to read: +3 min

JP Morgan CEO Jamie Dimon speaks at the Boston College Chief Executives Club luncheon in Boston, Massachusetts, U.S., November 23, 2021. REUTERS/Brian SnyderWASHINGTON, Sept 20 (Reuters) - JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon plans to tell Congress that the U.S. economy faces "storm clouds," according to prepared testimony. Dimon, who is due to testify alongside major U.S. bank CEOs at congressional hearings Wednesday and Thursday, will outline the competing forces buffeting the nation's economy. The hearing will seek CEO testimony on a range of issues, including consumer protection, compliance issues, diversity and "issues relating to the public interest" such as worker rights and abortion access, according to the memo. They will be joined by US Bancorp (USB.N) CEO Andy Cecere, PNC Financial (PNC.N) CEO William Demchak, and Truist Financial (TFC.N) CEO William Rogers, who run the country's largest regional lenders.

☆ Big U.S. bank CEOs to be grilled by Congress on consumer, social issues
▼ + stars: | 2022-09-19 | by ( Pete Schroeder | ) www.reuters.com time to read: +5 min

The line-up includes the CEOs of the four largest U.S. banks: JPMorgan's Jamie Dimon, Bank of America's Brian Moynihan, Citi's Jane Fraser and Wells Fargo's Charles Scharf. They will be joined by USBancorp (USB.N) CEO Andy Cecere, PNC Financial (PNC.N) CEO William Demchak, and Truist Financial CEO William Rogers, who run the country's largest regional lenders. That's a message the banks' executives, lobbyists, and trade groups have conveyed during a marathon of private meetings with key lawmakers over the past few weeks, the sources said. But bank executives are also wary of growing criticism from Republicans, traditionally allies who have pushed back against heavy regulation, over what they see as Wall Street's increasingly liberal leanings on environment and social issues. While executives faced some critical questions from Republicans on such issues last year, the pressure will be greater this time, said analysts.

☆ Some of Congress' youngest members have famously flamed out. Can a candidate be too young to serve?
▼ + stars: | 2022-09-15 | by ( Oma Seddiq | ) www.businessinsider.com time to read: +16 min

More youthful representation would better serve the country, young members of Congress say. But members of Congress, political scientists, and strategists generally don't blame age for these downfalls — leaders both young and old are prone to controversy. Rep. Alexandria Ocasio-Cortez made history in 2019 as the youngest woman ever elected to Congress, at 29. "I was always accustomed to being the youngest," Schatz told Insider at the Capitol. The nation needs "more principled members of Congress," Republican Rep. Lauren Boebert of Colorado, 35, told Insider, adding: "It doesn't matter their age."

☆ 6 things to know about the Fed and inflation: A crash course in monetary policy
▼ + stars: | 2022-06-17 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

How the Fed fights inflation Inflation is caused by too many dollars (demand) chasing too few goods (supply). Since the Federal Reserve has no control over the supply chain, the only tools they can use are those that can impact the money supply. The Federal Reserve sets what is known as the federal funds rate, also known as the overnight rate. By adjusting the overnight rate, the Federal Reserve can attempt to change the "short end" of the yield curve. Open market activity The other major tool the Federal Reserve has at its disposal is the ability to conduct open market activities.

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