In a Senate hearing that has been viewed over 750,000 times, Elizabeth Warren and Jamie Dimon spar.
A fight between Massachusetts Senator Elizabeth Warren and JPMorgan Chase CEO Jamie Dimon regarding overdraft fees charged to the bank’s clients during the COVID-19 outbreak has been viewed by more than 750,000 people.
Warren, a Democrat, grilled the CEOs of Citigroup, Bank of America, JPMorgan Chase, and Wells Fargo, the four largest banks in the United States, during a Senate Banking Committee hearing on Wednesday.
She questioned the executives about why, during the peak of the pandemic in 2020—when unemployment was at least 14.7 percent in April—none of their banks reduced overdraft costs when the Federal Reserve offered them their own protections.
“You and your colleagues come in today to boast about how you stepped up and took care of consumers during the epidemic, and it’s a bunch of nonsense,” Warren remarked at the opening of Wednesday’s heated confrontation. “In fact, it’s a $4 billion piece of nonsense. However, you have the ability to correct this right now.
“You had the opportunity to pass on the Fed’s tax advantages to your customers over the last year, but you chose not to.
“Regardless of how you spin it, this past year has demonstrated that corporate profits are more important to your bank than providing a little assistance to struggling families, even in the midst of a global crisis.”
Warren then dubbed Dimon the “overdraft show’s headliner,” claiming that his bank collected “more than seven times as much money in overdraft fees per account” as its competitors.
“So, Mr. Dimon, how much did JPMorgan charge its customers in overdraft fees in 2020?” Warren was the one who inquired. “I believe your statistics are completely incorrect,” Dimon responded, “but we’ll have to sit down privately and go through it.”
“But these are public numbers,” Warren countered as the two attempted to communicate. “Do you have the phone number?”
Dimon replied: “I don’t have the number in front of me,” as Warren said: “It’s $1.46 billion.”
The senator then asked Dimon, as well as the other CEOs, if he would consider refunding customers the overdraft fees collected during the pandemic. He said “no.”
The exchange has been viewed more than 750,000 times on social media, as Warren posted. This is a brief summary.