In a Senate Banking Committee hearing, CEOs of the nation's major banks testified about a variety of issues, but it was social policy that stole the show.
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Senate Banking Committee Chairman Sherrod Brown, D-Ohio, challenged the bankers about the disconnect between wealthy financial institutions and Main Street. This comes as Visa, MasterCard and AmEx are working to identify sales of firearms at gun stores. Visa is introducing a code which will identify retailers which sell weapons and ammo. But the code won’t specifically detail what products consumers buy.or suspicious sales. The credit card companies already use codes to documents transactions with merchants ranging from clothiers to florists.
"We cannot be involved in telling the American citizens how their money will be used. That's not our job," said JPMorgan Chase CEO Jamie Dimon at the Senate hearing.
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