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WASHINGTON, D.C., UNITED STATES (APRIL 10, 2019) (UNRESTRICTED POOL) BANK CEOS SWEARING IN HOUSE FINANCIAL SERVICES COMMITTEE CHAIRWOMAN MAXINE WATERS (D-CALIFORNIA) WITH COMMITTEE MEMBERS (SOUNDBITE) (English) HOUSE FINANCIAL SERVICES COMMITTEE CHAIRWOMAN MAXINE WATERS (D-CALIFORNIA), SAYING: "Mr. Moynihan?" (SOUNDBITE) (English) BANK OF AMERICA CEO BRIAN MOYNIHAN, SAYING: "Yes, Chair Waters, we obviously comply with all sanctions that are required by the federal government. And, so, we will review that on a constant basis whether it's Russian accounts." (SOUNDBITE) (English) HOUSE FINANCIAL SERVICES COMMITTEE CHAIRWOMAN MAXINE WATERS (D-CALIFORNIA), SAYING: "Thank you very much. So, did you identify any suspicious accounts or transactions?" (SOUNDBITE) (English) BANK OF AMERICA CEO BRIAN MOYNIHAN, SAYING: "Not to my knowledge. But we do regularly investigate all accounts." (SOUNDBITE) (English) HOUSE FINANCIAL SERVICES COMMITTEE CHAIRWOMAN MAXINE WATERS (D-CALIFORNIA), SAYING: "So, you have no reason to have taken any actions as a result of your findings. Is that right?" (SOUNDBITE) (English) BANK OF AMERICA CEO BRIAN MOYNIHAN, SAYING: "Not that I'm aware. No." BANK CEOS LISTENING (SOUNDBITE STARTING ON PREVIOUS SPEAKER) (English) GOLDMAN SACHS CEO DAVID SOLOMON, SAYING: "We generally have not been a consumer bank, but we've just started a very, very small consumer business. At this point in time, we take deposits, and we make small, unsecured loans for consumers that amount from $3,500 to $40,000 thousand, but it's a very, very small business. We're not currently in the business where we make mortgages for consumers. But we might at some point in the future." COMMITTEE MEMBERS (SOUNDBITE) (English) JPMORGAN CHASE CEO JAMIE DIMON, SAYING: "We spend $600 million dollars a year in cyber. All of us spend huge amounts of money to protect privacy. The system, I agree with you, cyber risk is probably the biggest risk, I think, the financial system faces in the world. It's a global risk, and you're absolutely correct. All those folks get involved, that makes it very complicated. But a good and happy note, after this meeting most of us are going over and meeting with of agencies and our top security officers to try to get it a little more coordinated, so we can do a better job protecting the United States of America." COMMITTEE MEMBERS (SOUNDBITE) (English) BANK OF AMERICA CEO BRIAN MOYNIHAN, SAYING "We all spend a lot of money, as Jamie said. But the important thing is, we make available through FSIC and various groups all the information we can glean all the way through the system. So, if we find an issue, we make sure everybody in the financial system has as fast as humanly possible, whether it's big banks, small banks, or everything in between. And that is something, I think, that we've driven our industry at irrespective of the numbers of regulators and amount of different people looking at. We believe it's incumbent upon us to protect ourselves." WIDE OF HEARING (SOUNDBITE) (English) STATE STREET CEO RONALD O'HANLEY, SAYING: "What I would add to this is that, I do believe that cyber is a clear and present danger to the financial system. And I think that we have to move from an adversarial-based system, and to one where there's real cooperation between and among the institutions, which exist now and between and among the institutions and regulators." BANK CEOS LISTENING (SOUNDBITE) (English) MORGAN STANLEY, CEO, JAMES GORMAN, SAYING: "This (cybersecurity) is the single most existential threat to the financial system." CEO TESTIFYING (SOUNDBITE STARTING ON WIDE) (English) GOLDMAN SACHS CEO DAVID SOLOMON, SAYING: "We don't deal... we don't do business with companies that manufacture assault weapons, bomb stocks, or high capacity magazines." CEO TESTIFYING (SOUNDBITE) (English) JPMORGAN CHASE CEO JAMIE DIMON, SAYING: "Our numbers a little bit higher than that, and we file something like 200,000 SARs (Suspicious Activity Report) a year." CEO LISTENING
Dateline: 2019

U.s. Bank Ceos Face Off With Congress For The First Time Since Financial C...

Item ID: 112037177

By: Reuters

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