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Senator Rounds doubts strenuous bank stress testing at hearing with Federal Reserve's Powell

North Dakota Senator Mike Rounds quotes JPMorgan Chase chairman Jamie Dimon at a Senate Banking Committee at a semiannual oversight hearing on the economy with Federal Reserve Chairman Jerome Powell that under extreme stress testing with 35 of the largest American banks the combined losses would be six percent of their reserves, JPMorgan at three times that of the 35, calling it absurd to hold JPMorgan enough capital to cover its own losses but the others three times over at a tremendous opportunity cost with capital tied up that could help first-time homebuyers purchase a home or butting entrepreneurs start a small business.
North Dakota Senator Mike Rounds quotes JPMorgan Chase chairman Jamie Dimon at a Senate Banking Committee at a semiannual oversight hearing on the economy with Federal Reserve Chairman Jerome Powell that under extreme stress testing with 35 of the largest American banks the combined losses would be six percent of their reserves, JPMorgan at three times that of the 35, calling it absurd to hold JPMorgan enough capital to cover its own losses but the others three times over at a tremendous opportunity cost with capital tied up that could help first-time homebuyers purchase a home or butting entrepreneurs start a small business.
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Restrictions:
Editorial Use only. May not be used as partisan political campaign material to promote or oppose the candidacy of any person for elective public office, and may not be used to distort the objects and purposes of the hearing or cast discredit or dishonor any member of the House or bring the House or any Member into disrepute. Contact your local office for all commercial or promotional uses.
Editorial #:
1162633962
Collection:
FedNet
Date created:
July 11, 2019
Upload date:
License type:
Rights-ready
Release info:
Not released.ÌýMore information
Clip length:
00:01:03:02
Location:
Washington, DC, United States
Mastered to:
QuickTime 8-bit H.264 HD 1280x720 30p
Source:
FedNet
Object name:
sba071119m.mov