Leaders of the nation’s largest banks came under scrutiny Wednesday as lawmakers sought to assert a tougher posture towards China’s communist government.
The continued independence of Taiwan and the Chinese Communist Party’s (CCP) alleged genocide in Xinjiang were key issues discussed.
During the hearing of the U.S. House Financial Services Committee, Rep. Blaine Luetkemeyer (R-Mo.) asked bank executives how their organizations would respond to an invasion of Taiwan by the CCP.
“We will follow the government’s guidance, which has been for decades to work with China,” said Bank of America CEO Brian Moynihan.
“If they change that position, we will immediately change it, as we did in Russia.”…