San Nicolas gets America’s biggest banks to concede to higher interest payments to savers


The following is a news release from the Office of Congressman Michael San Nicolas:

In a hearing of the Financial Services Committee, Guam Congressman Michael F.Q. San Nicolas highlighted the disparity between what mega banks across the country are paying in interest to their depositors, and what they are able to earn risk free from those deposits with the Federal Reserve.

“We were very pleased Guam was able to advocate for all Americans in this hearing, and pointedly seek commitments from the CEO’s of American Mega Banks to increase the interest they are paying on deposit accounts in their institutions,” said Congressman San Nicolas.

“With a rising interest rate environment and crushing inflation, the least we can do is fight to make sure everyday Americans, especially retirees and seniors on a fixed income, are getting their fair share in their savings accounts – rising rate environments are supposed to reward savers, not just banks,” Congressman San Nicolas added.

“Hopefully we will see depository rates adjust soon, and realize millions of aggregate dollars getting back into the hands of Americans at a time when they need it most with their purchasing power under so much strain,” Congressman San Nicolas concludes.

Responding to Congressman San Nicolas’s queries were:

• Andy Cecere, Chairman, President, and CEO, U.S. Bancorp

• William Demchak, Chairman, President, and CEO, The PNC Financial Services Group

• Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co.

• Jane Fraser, CEO, Citigroup

• Brian Moynihan, Chairman and CEO, Bank of America

• William Rogers Jr., Chairman and CEO, Truist Financial Corporation

• Charles Scharf, President and CEO, Wells Fargo & Company


1 Comments

  • All of the above minus MSN

      09/25/2022 at 10:06 AM

    The people of Guam see through MSN’s nothing-burger tactics. The armchair quarterback critic of his opponents to detract from his own deficiencies. He constantly reminds us of what he stands against but rarely what he stands for. The few glimpses of spotlight on MSN truly show how lacking he is as a candidate.

    He’s asking across the board in an oversight hearing of bank executives if the Fed’s rates increase will correspond to rate increase on savings account. Yeah, no shit Sherlock. If we ask the same question about lending, we’ll get the same answer. Then there can be an article of “San Nicolas gets America’s biggest banks to concede to higher interest payments for borrowers.

    Even Citi conceded that their rates are in line with their competitors when MSN incorrectly stated Citi’s rates were higher. MSN has materialized nothing in Financial Services for Guam. All of MSN’s claims of federal funding for Guam all originated outside his committee. But the same can’t be said for his predecessors in Armed Services or Kilili in Education and Natural Resources.

    I’ll take Felix Camacho or ANY of the 2016 democratic gubernatorial candidates over MSN.

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