Senator Elizabeth Warren, the prominent US lawmaker is regularly written off by the banking sector a tiresome bank basher. Yesterday, Warren found an ally in JPMorgan Chase, CEO, Jamie Dimon.

Asked about crypto, Dimon said that he would close it down if he was in government.

It was not Dimon’s only memorable soundbite of the hearing. He told the hearing: “We are a force for good”. The major banks, said Dimon, were guardians of the financial system. As an example, he referenced banks’ actions during Covid to help customers.

Dimon continued: “The US has the best financial system in the world. We must acknowledge that there are some things that can only be done by large and complex banks.”

Wells Fargo CEO Charles Scharf had set the tone when he was the first to give evidence. He had barely been sworn in when he said: “Wells Fargo and the other firms present stood as a source of strength and stability” during the regional banking turmoil this year.”

Citi CEO Jane Fraser warned that there is still a chance of a US recession and referenced increasing weakness among customers with low credit scores as a danger sign.

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Other key takeaways of the hearing included confirmation that Citi and Bank of America are joining the Fed’s real-time payment system. Wells Fargo and Chase are already signed up.