U.S. bank CEOs back Fed hikes during congressional grilling on economy, China ties

U.S. Bancorp President and CEO Andy Cecere, PNC Financial Services Group President and CEO William Demchak, JPMorgan Chase & Co President and CEO Jamie Dimon, Citigroup CEO Jane Fraser, Bank of America Chairman and CEO Brian Moynihan, Truist Financial Corporation Chairman and CEO William Rogers Jr., and Wells Fargo & Company President and CEO Charles Scharf swear in at the start of a U.S. House Financial Services Committee hearing titled “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks” on Capitol Hill in Washington, U.S., September 21, 2022. REUTERS/Elizabeth Frantz

The country's top bank chiefs endorsed U.S. Federal Reserve rate hikes as a means to tame soaring inflation, while acknowledging there will be pain ahead, when appearing before Congress during a wide-ranging and mostly sedate hearing on Wednesday.

The line-up before the House of Representatives Financial Services Committee included CEOs of the four largest U.S. banks: JPMorgan Chase & Co's Jamie Dimon, Wells Fargo's Charles Scharf, Bank of America's Brian Moynihan and Citigroup's Jane Fraser. They were joined by the CEOs of the country's largest regional lenders, US Bancorp, PNC Financial and Truist.