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