Big bank CEOs warn that new regulations may severely impact economy

By KEN SWEET
AP Business Writer

NEW YORK (AP) — The heads of the nation’s biggest banks say there are reasons to be concerned about the health of U.S. consumers _ particularly poor and low-income borrowers _ in their annual appearance in front of Congress on Wednesday. The CEOs of JPMorgan Chase, Bank of America, Wells Fargo and five other large firms also took the opportunity to impress upon senators that the Biden Administration’s new proposed regulations for the industry may hurt the U.S. economy going into an election year and at a time when a recession is possible.