US bank executives say Wall Street has reformed, though crisis scars linger
Updated : April 09, 2019 09:58 AM IST
Wednesday will mark the first time the largest US banks have appeared before Congress since the 2008 financial crisis, and will see the CEOs face off against Democratic Representative Maxine Waters and progressives including Alexandria Ocasio-Cortez, who have fiercely criticized Wall Street.
As the 2020 election race heats up, US Democrats driven by progressive firebrands like Senators Bernie Sanders and Elizabeth Warren see financial inclusion as a draw for voters.
In their testimonies, the chief executives emphasised a range of regulatory measures including stress tests and so-called "living wills" adopted since 2008 that have helped bolster capital levels and improve the safety and soundness of the US system, as well as other improvements to risk management and culture.