Banks' CEOs questioned by Congress

Capitol Hill was abuzz Thursday as Congress questioned the CEOs of the country’s biggest banks on food prices and other social issues.

On their second day of testimony, the Senate Democrats discussed the private peer-to-peer payment network, Zelle—jointly owned by the banks. The payment network has come under scrutiny due to several fraud complaints by customers. Democrats, on the other hand, were focused on social issues like gun rights and banks covering employees’ abortion costs.

While discussing the economy, all seven banks, including Jamie Dimon of JPMorgan Chase, and Jane Fraser of Citigroup, chimed in with the same response: Consumers are in good shape, but the Fed hikes could lead to a recession.