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In 2022, politics are as polarized and divisive as ever. However, there are still some things that most Americans agree on. The notion that those in charge of regulating banks should not be the same people running the banks, is one of those ideas that I hope most Americans can agree on.
A C-SPAN video that circulated through the popular social media platform Reddit on Wednesday shows the House Committee on Financial Services displaying at best, crass nepotism, and at worst, utter corruption and disregard for the United States legislative system.
The video shows Republican Senator Trey Hollingsworth from Indiana, who serves on the House Financial Services Committee, addressing a board of advisors from major banks like JP Morgan (NYSE:JPM), Bank of America (NYSE:BAC), and more.
“Before I get started on my questions, Mr. Monynihan, I wanted to let you know that Suruthi here, she has been my team member now for a couple of years, but on Monday she becomes a Bank of America team member and I hope you guys take good care of her.”
Brian Moynihan, the CEO of Bank of America, laughs and tells Hollingsworth that Suruthi’s father already works for Bank of America and that they will take good care of her.
You might have a problem with Suruthi getting a job at a major bank where her father works. The “little nepotism” as Jack Black would say, maybe one thing. The bigger problem here is that Suruthi worked for Hollingsworth, who helps oversee and regulate the banks. Do you think her father working for Bank of America would be a conflict of interest for someone who is supposed to regulate the industry?
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The video gives us everyday people a glimpse into how close Washington DC politicians are with Wall Street bankers. It also shows how quickly people will go from oversight jobs directly into the industry they were supposedly regulating, and vice versa.
No matter where you stand on the political spectrum, seeing how closely major banks and politicians work together is a wake-up call. After all, it’s one big club, and we’re not in it.
