NEW YORK (AP) — The heads of Wall Street’s biggest banks used an appearance on Capitol Hill to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated, warning that the proposals could negatively impact the economy at a time of geopolitical turmoil and inflation. The banks contend the new regulations would curtail lending and weaken bank balance sheets at a time when the industry needs more flexibility. Among the CEOs at the hearing were JPMorgan’s Jamie Dimon, Bank of America’s Brian Moynihan and Jane Fraser of Citigroup.
