REUTERS: The U.S. economy is strong and Wall Street has reformed practices that contributed to the financial crisis a decade ago, chief executives of some of the largest U.S. banks said in prepared testimony released by the House Financial Services Committee late on Monday.
Testimony from CEOs of Citigroup Inc, Goldman Sachs Group Inc, Morgan Stanley, Bank of New York Mellon, State Street Corp and Northern Trust also appeared. As the 2020 election race heats up, U.S. Democrats driven by progressive firebrands like Senators Bernie Sanders and Elizabeth Warren see financial inclusion as a draw for voters.In their testimonies, the chief executives emphasized a range of regulatory measures including stress tests and so-called"living wills" adopted since 2008 that have helped bolster capital levels and improve the safety and soundness of the U.S.
"We recognize that we have significant work to do to achieve our diversity goals, and that it requires efforts at every level of the firm to deliver results over the long term," Morgan Stanley CEO James Gorman wrote in his testimony.
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