Bank of America CEO: "Capitalism is the Best Way to Solve Social Problems!"

  Bank of America CEO: "Capitalism is the Best Way to Solve Social Problems!" Moynihan said: “As the bank, we believe in capitalism and think that this is the best way to solve the difficulties faced by society. Bank of America CEO Brian Moynihan said on Wednesday that Capitalism is "the best way to solve the challenges facing society". Senator Pat Toomey invited the CEOs of R-Penn, Wells Fargo, JPMorgan, Goldman Sachs, Citigroup, Bank of America and Morgan Stanley to the Senate Banking Committee surveillance hearing to express their support for it. In his opening remarks, Toomey, the committee's senior member, said: "Thanks to capitalism, life is better than ever for the vast majority of Americans today. Actually… Just before Covi19, by the measure of my Democrat colleagues, we had the best economy of my life. Some bank leaders have embraced so-called stakeholder capitalism, which really reduces the priority of shareholders in our economy. Stating that he believes that stakeholder capitalism encourages large companies to follow a "social agenda" rather than a responsibility to their "owners", Toomey asked bank CEOs to express their support for it..

Moynihan said: “As the bank, we believe in capitalism and think that this is the best way to solve the difficulties faced by society.

In his statement during the hearing, Moynihan said: “As the bank, we believe in them and think that this is the best way to solve the difficulties faced by society. We operate by bringing great returns to our shareholders and offering them to the public. We call this, responsible growth. " Stating that the principles of stakeholder capitalism are embedded in Bank of America's "Responsible Growth" initiative, Moynihan said: “As a financial institution, our success has always been dependent on the success of the communities and markets we serve. We know from our own research that companies that focus on environmental, social and governance issues tend to perform better over time. " Moynihan said: “As the bank, we believe in capitalism and think that this is the best way to solve the difficulties faced by society.  

Source: https: foxbusiness.com

 

You may also be interested in:

 

Tesla brings models with camera “autopilot”