it's coming. >> ms. fraser .. hink, similarly, it's always dangerous talking about averages rather than what we see across the spectrum. but stability in the deposits, still elevated levels of spending. and equally importantly, still low credit losses across the board. >> very low rates extending out their maturity ladders to make sure they do not base upcoming maturities. have the three of you seen any stress in corporate's yet with higher rates? no? not even in sponsor high leverage scenarios? >> not but spreads her way up. collects the markets, the markets.ig it's harder to trade today? one of the things we continue to talk about appear as ensuring we are investing enough in research and development. we went to maintain the significant competitive advantage we have beenan developing new technologies. whether that's at research institutions across the country are very innovative smart companies across the country. one things we've noticed is d.c. funding is declining dramatically. in some estimates there is a ch

sharp, moynihan, dimon and ms. fraser, welcome back. more one punch on the punch card and i think you get a free cup of coffee. interestingly enough, you've actually been here more than gary genzler has. i wish we would pay as much attention to the actual regulators, the folks, by the way, who we have constitutional duty to have oversight of, than those that the regulators are supposed to regulate. so mr. dimon and ms. fraser, i want to give you a quick brief moment. do you comply with u.s. and international sanctions? i think that's what the implication was earlier when you were interrupted quickly. >> absolutely. >> okay, ms. fraser. >> absolutely. >> okay, so those are u.s. and international sanctions, got it. all right. last time those of you that are returned members and return players, you'll remember i asked everybody what their one issue was that they thought was going to be the biggest barrier, mr. moynihan, you said the economy. ms. fraser, you touched on seib security. mr. sharp you hit cyber as well. and mr. dimon, you talke

ms. fraser, what can you do? >> thank you for your question. as you say we do operate in a number of countries where they have tragic deaths from gun violence around the world. sometimes sadly we seem in different countries none quite like ours. >> understood. but a problem in many countries and we have a lot of discussions with our board. and also with our employees who are concerned for their safety and their security as well foris our customers. >> could you -- >> so it is an active dialogue about what we a can do to help prevent -- >> i think the chairwoman at a just as you to continue to partner with us to try to reduce this. >> the gentleman i from south carolina mr. norman is now recognized for five minutes. >> i don't think all the witnesses -- i want to thank all the witnesses for appearing, today. i hadn't r been in for all the questions but it shocked me some of the questions you are being asked. it really shocked me. i've heard trying to shift blame for gun violence. i've heard things about an equal equity in housing that you are re

em >> i'd be happy to call on ms. fraser. do you like that idea? like i say we don't have the data. >> it's not comparable. are notoposals comparable with industry. is that a fair statement water raises the -- read as it disclosures? mr. moynihan you concur with the operations in europe like you are a big banc of california so you comply with caliph ornette right? b we have to. >> and i'm sure you do a magnificent job or do you we need a federal preemption of federalar privacy law and withot aid financial services? >> i think the financial service industry has had her years of privacy regulation that others haven't and we do a good job. other industries have an ongoing examination process so frankly we have adjusted those rules because of that. >> but it's powerful for a private citizen. madam chair binax congress i hope and work work with the energy and commerce committee on privacy. mr. scharf you made a comment about the mortgage banking that mortgage banking is shifted to cythe non-bank sector. do you think regulation had anything to do with th

moynihan and then ms. fraser. >> i think you heard many of my colleagues talk about this, and this is a product in industry. the first is a no overdraft product. especially for students and younger people, we have 4 million of those, if you total it up across the board, that product allows people to have no overdraft capacity and then you have the ability for other products for people to opt in, and what we've done is reduced our overdraft fee from 35 to $10. we've reduced the ability to have the nsf type fees, number of occurrences all of that totalled up, we're down 60% this year and that will fall further but we're able to do that because of the scale and cape b abilities of our team in consumer banking the variety of banks in our system there's a variety of business models but one thing consistent the scale we've been able to achieve is allowing us to pass through to the consumer and remaining profitable. >> thank you ms. fraser. >> thank you, representative we are proud at citi to have eliminated over

i will start with you, ms. fraser. the former global head of corporate investment banking praised the chinese communist party is building a road initiative. in fact, he said quote, city strategies directly associated with 32 of the 69 countries which is more than any other global institution or financial institution. the city should play a leading role in disability and road initiative,." it's my belief the chinese communist party uses this initiative to give into the advantages of chinese companies, forced the developing companies into traps with corruption paving the way. i witnessed this on a trip toie the middle east with my grade chairwoman, maxine waters, where we were told of extreme corruption with of the chinese companies that had been involver in across the african continent. by participating in the belt and road initiative, you are supporting the risk to the national security global economy. the sup supported the belt and d initiative presents a serious conflict of interest by helping the strongest adversary

. >> ms. fraser? >> no paid mr. rogers customer. >> we allow consumers in our new zoom as you opt out of arbitration. >> no. we allow consumers to opt out. >> raise your hands if you are committed to fighting against discrimination. okay, thank you. so therefore i think i can count on your support for fair access to financial services act which would prohibit banks and other financial institutions from discriminating on the basis of race, color, religion, national origin or. the financial services act mr. scharf? we support it? >> i do not know the specifics of it but the things you mentioned absolutely. >> the principles are already regulate to i do not know the specifics of the act regards mr. >> exactly same position for christmas frazier question cap same position we don't know the specifics but wind also principles. >> mr. rogers questioner. >> endorsed the principles you just outline. i am not for the specifics of that active. close currently support the as well we got on the specifics. >> the same thing give

ms. fraser of a global front part partner in jurisdictions that have rampant persistent inflation there's huge pressures placed on consumers and businesses in that environment. what are those economic consequences and challenges of a high inflation environment? >> thank you very much for the question congressman.nm we are very concerned about the high prices consumers are facing in america and indeed around the world. we certainly have lived through very unusual times through the pandemic, through the recovery from that and then the impacted greatly exacerbated by the war in ukraine. for the impact of the higher rates that are required to try to tame thear inflation, it is likely to be moderating growth in america and around the world. and will be putting pressure on many of the drivers of the recovery we've been looking for. >> you have this backdrop of the economy. you're making decisions for institutions but in our economic system in america, banks are a key piece of our economich syst

>> i'd be happy to call on ms. fraser get is that a good idea do you like that idea? >> a challenge at the moment as we just do not have the data. >> is not comparable is it. these proposals are not comparable withinn an industry r between industries is that a fair statement? >> the record shows they are nodding. you can buy at the european gdp or privacy rules, is that correct bank of america's operations in europe? >> yes we do. >> you are a big bank in california to comply with california privacy laws, right? >> we have to pray. >> and i'm sure you do a>> magnificent job there. do you think we need a federal preemption and federal privacy law will that aid generally? >> think the financial and other issues are having. does a pretty good job and frankly we are exempted from some of those rules because of that long history. >> it's pretty powerful for privacy. >> yes, sir. >> help madam chair may be the next congress we can work to make sure we are all on the same page. you made some good comments about the mortgage and banking their comments today at morgan banking

diamond and ms. frasier. do you comply with international sanctions? >> absolutely. >> ms. fraser? >> absolutely. >> you remember i asked everybody what their one issue was they thought was going to be the biggest barrier. you said thehe economy, ms. facr you touched on cyber security, you spokean about public policy. i'dhe like to give you a momento clarify that. it's multifaceted. there are different elements. i'd appreciate it. >> public policy in the last 20 years it grew 2% or 3%. that lack of growth and household income by 15 to $20,000 by the end of the 20 years. it lifted up our citizens. there are structure planning for school educations. it's expensive healthcare. we have the best healthcare in the world. 50 million uninsured. litigation isal 1% of the world. you want to make mortgages more accessibles to minorities reduce thee burden regulation, bring down the cost. >> as a licensed realtor or someone involved in-housing and construction. for the love of everything holy don't offer a 50hing year mortgage. you folks will get all of the interest. homeownership is the key.

. >> thank you very much, ms. fraser next we'll go to mr. monahan you're now recognized for five minutes to present your oral testimony. >> thank you chairwoman waters, ranking member mcwrenry and distinguished members of the committee. good morning to all of you it's an honor to be here to represent my 210,000-plus teammates at bank of america and talk to you about how we deliver responsible growth this is how we run our company, the same thing i told you last year and the year before every time we've done these hearings we deliver for our clients, our teammates, for our communities and for our shareholders we believe in building both profits and purpose. that includes being a great place to work which is a core tenet of responsible growth. we invest heavily in our teammates and families this year we raised our minimum wage to $22, on track to increase it to $25 by 2025 we also made an across-the-board pay adjustment for all employees in the midyear and late spring that earn $100,000, to increase wages by 3% to 7% based on years of service