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Today we're tuning into the Senate's annual Wall Street oversight hearing. Witnesses include the CEOs of major financial firms like Wells Fargo, JPMorgan Chase, Citigroup and Goldman Sachs. This comes after the regional bank crisis earlier this year. Wall Street leaders will seek to reassure Washington and the world in light of that. Let's watch. This committee, we finally have financial watchdogs in place who are now serious about the need for these protections. Common sense rules to ensure that banks can withstand losses from the riskiest financial shenanigans that create no value to the real economy. These rules protect against risky trading and derivative activities on Wall Street, the same activities that led to the 2008 financial crisis. They would close a loophole that allowed banks like SVB to hide behind an accounting fiction that lowered capital requirements and contributed to its failure. And anyone who had any doubt about whether Wall Street could be trusted to use its power responsibly need only look at the current lobbying fight on this. If you've watched the local news in Washington, if you've waited at a bus stop in Washington, if you've flown out of Washington National Airport, you've probably seen ads urging people to stop Basel in game. The eight of you surely know your audience. And you haven't stopped there. You've even gone national in that campaign, pouring money into ads for Sunday night football. It's a campaign waged by your lobbyists to prevent financial watchdogs from putting in place these stronger capital requirements to protect our banking system and our economy. Listening to these ads, you hear all kinds of claims about how stronger rules will raise the cost of mortgages and stop small business from making loans. Wall Street banks are actually saying that cracking down on them will, quote, hurt working families. Really? You're going to say that cracking down on Wall Street is going to hurt working families? You're really going to claim that? The economic devastation of 2008 is what hurt working families. The uncertainty and the turmoil from the failure of Silicon Valley Bank hurt working families. When small businesses with their employees in Ohio, in Utah, in Minnesota, in California, in Rhode Island, in Montana, in South Carolina, across the country, didn't know if they could get access to their money and make payroll. And, of course, the claims in this ad campaign simply are not true. Your game, too often, is to try to confuse people. Most Americans think of a bank's capital, if you force people to think about it at all, most Americans think of a bank's capital as money stashed away in a vault somewhere. But that's not what it means. You all know that. Capital is just a way to fund loans and investments and risky activities in a way that can absorb losses if things go south. It means shareholders and investors are on the hook, not taxpayers. And what those glossy ads don't tell you is that your banks have been reducing your lending to small businesses and veterans and home buyers for years now, long before the new capital requirements were proposed. Remember that. These are proposals at this point. They haven't even been implemented. Be clear. Absolutely nothing in these rules would stop your banks from making loans to working families, to veterans, to homeowners, to small businesses. Absolutely nothing. The reason banks might make fewer of these good loans in the future is the same reason we've been seeing less and less productive banking activity for years. It doesn't make your banks as much money as the risky stuff. You know that. We all know that. We'd rather fund risky trading and derivatives bets than boring bread-and-butter small business lending. So even with this rule, you can still lend to small businesses and homeowners. You just might not increase your profits quarter over quarter by quite as much as you increased them last year. But I think most Americans would agree that that's a fair tradeoff for society. More small business lending, more first-time home buyers, less chance of taxpayer bank bailouts. In exchange, maybe smaller executive bonuses and a teeny tiny bit less profit for multi-trillion dollar Wall Street banks. We know the banking industry doesn't give up without a well-funded fight. Wall Street pours money into high-priced lobbyists to fight any effort to put the most basic guard rules on your ability to do whatever you want. What your banks want is to maximize quarterly profits. We understand that. The cost to everything and everyone else be damned. We've seen over and over what a problem that is and the harm that the current system does in places like Ohio. Earlier this year when I first heard about SVB's collapse, my mind immediately went to another crisis in my state in East Palestine, Ohio. The place where the train derailment happened and affected dramatically a community in my state. They have one thing in common. Corporate lobbyists for years push for weaker rules, less oversight. Companies cut costs. They don't care about safety if it gets in the way of increasing profits. Working people always, always, always, working people pay the price. That's why people hate Wall Street. That's why people hate Washington. Because these lobbying campaigns that you've engaged in usually work. We see it over and over. We saw it during the fight to pass Dodd-Frank after the financial crisis. Many of us remember the quote from an industry lobbyist after the president signed Dodd-Frank. Now it's halftime. This time Wall Street was true to its word. The executives whose banks failed this spring had lobbied for watered-down rules to make it easier to chase profits at all costs. They knew risks were building at their banks, but they chose to ignore those risks because it meant a bigger payout for executives at the top. So we should be concerned when the executives of even bigger banks are doing the same thing against capital requirements. Working Americans are tired of arrogant executives gambling with other people's money, then riding off in the sunset without any consequences. That's why we need to pass the Bipartisan Recoup Act. Thank you, Senator Scott, for your work on that. To hold failed bank executives accountable for driving their banks into the ground. That's why we need strong capital rules. Before your protest, I know, of course, that it wasn't your banks, the eight of you, that failed. But after those failures earlier this year, we were reminded about how fragile our banking system could be. And as a result, your banks only got even more powerful. So it's fair to take stock of how you're using that power. I appreciate the long overdue increases in wages and benefits for many of your frontline employees. Thank you for that. At least one of your banks has made real efforts to get rid of overdraft fees. Thank you for that. But your banks need to do far better when it comes to meeting customers where they are in recognizing their dignity of work, your employees and your customers. You should be cutting prices for consumers, increasing opportunities for your employees, increasing diversity within your executive ranks, supporting your workers' efforts, if they so choose, to unionize. And you should stop pouring money into lobbying against efforts to protect taxpayers who, in the end, subsidize your entire industry. The reason for this hearing every year is to hold the biggest banks accountable to the American public. I thank each of you for being here a moment ago. Personally, I appreciate your all coming together for this hearing. We want to hear from you. What will you do to support workers to invest in the real economy to finally put Wall Street to work for Main Street? Senator Scott. Thank you, Chairman. And thank you to a very long list of CEOs who have come to talk with us about how the impacts of our regulatory environment will impact everyday consumers. And I hope that you all, some of the things I will say will be redundant because some of it is unprepared based on what the Chairman just said. But I hope you all will really answer the question. Nothing in these proposals will stop your banks from lending to small businesses or first-time homebuyers. Because if the proposal is Basel III endgame, who in America knows what Basel III endgame really is? Let's translate that for the average American sitting at home watching this because they have nothing else on TV to watch. It is simply requiring more capital on the sidelines, which then means fewer dollars to lend to small businesses, first-time homebuyers, car loans. So the actual impact of a higher regulatory standard is fewer dollars to lend to Americans who need desperately to be engaged in the process of achieving the American dream that is typically defined by having access to capital. If you work really hard, keep your life in order, you can have a good quality middle-class life. But if you want to actually experience wealth in America, you have to experience the benefits of profit or equity. Equity comes from having capital. Having capital typically means you either have it because you were born with it or you have access to it because you have an idea or a vision that will make your community or this nation better. When that happens, you go to a lending facility, call a bank or outside the market, and you find that capital that allows you to start your business. And as you start your business and it appreciates it, it creates a profit. And that profit allows you to experience the upper echelon of the American dream. If you have a home, look at the differences between African-Americans and majority population and net worth. Tenfold difference. Much of that difference is found in the profit or the equity in a home. So when we think about the proposals, not of good regulation, but of a nightmare proposal called Basel III endgame that would put so much more capital on the sidelines, we should ask ourselves, how does that translate for the average American living and working paycheck to paycheck? My thought is it has a devastating impact to access to capital that makes the American dream harder to achieve and access to capital for some folks who started where I started virtually impossible. I think if you think about today's hearing from my perspective, I want to talk about three things. Number one is certainly Basel III, the endgame. Number two is the burdensome regulations and guidance that will ultimately hamper consumer choice. And number three, the job our regulators are doing or frankly should be doing in the workplaces our regulators cultivate. I'll start as I just did with Basel III, the endgame. The fact of the matter is that this one proposal could have a devastating impact on small businesses. And I would like for you all to address that either now or during the questions. Last month, I led a letter to the FDIC, Fed, and OCC calling on them to withdraw this misguided proposal because American families, the folks who will bear the burden of this burdensome regulations, simply can't afford it. I was in the United States Marine Corps, pretty much destroyed my back. I couldn't walk. Six days after surgery, I was back in the gym and everybody was in awe. Like, didn't you just get out of surgery? Like, yeah, I feel great. I was rolling with everybody and I'm in the advanced class. 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If you love them enough to suck the snot out of their nose at 4am, then surely you'll check NHTSA.gov slash the right seat to make sure they're in the right car seat. Welcome back. We're watching the Senate's annual Wall Street oversight hearing. Witnesses include the CEOs of major financial firms like Wells Fargo, JPMorgan Chase, Citigroup, and Goldman Sachs. The hearing comes after the regional bank crisis earlier this year. Wall Street leaders will seek to reassure Washington and the world in light of that. Let's tune in. Vice Chair Barr last month said that the new Basel endgame will only impact about 40 of the banks in our country. Said differently, two thirds of all the loans processed will be negatively impacted by the endgame proposal. That's $60 billion in small business loans in 2021. $250 billion negatively impacted. The definition of negative higher interest rates are fewer loans in 2022. In my home state of South Carolina, that translates into $550 million of small businesses having higher interest rates or fewer loans, and $3 billion in 2022 in home mortgage originations. If regulations continue to increase the costs of providing a loan, I fear that banks will decrease lending, not only in my home state, but across the country. Decreased lending means increased financial hardship, and increased financial hardship means a reduction in opportunity. That's my ultimate concern. Reducing opportunity for everyday Americans. At the end of the day, these consequences will create a ceiling for low-income Americans, and it won't be a ceiling made of glass. Instead, it will be made of concrete. We simply can't let that happen. The second item I want to discuss with you all today concerns the onslaught of rules and proposals targeting your institutions and the banking system writ large. For instance, in recent months, we've seen proposals or final rules all the way from climate risk management to the Community Reinvestment Act. None of these proposals exist in a vacuum, and it is vital that this committee hear from each of you about the overall impact on the health of our economy. In particular, I'm deeply concerned by the continued partisan attempts of this administration to advance their climate goals by any means possible, including through our banking system with the recent climate risk management guidance. Banks have been considering weather risks for decades, and you should. It's called common sense, and it remains incumbent upon each of you to base your lending decisions on risks you can reasonably assess, like weather or credit risk. Not, however, perceived political, rhetorical, or reputational risk. Beyond the explicit cost of these proposals, which ultimately are passed on to consumers, I fear that the only real accomplishments of the regulators will be to push more activity outside of the regulated financial system, where we have less insight into the impacts on consumers. And finally, number three, we must emphasize and turn our attention to the performance of our regulators and their core mission, the supervision of your banks and the stability of our financial economy. This past spring, we saw the failures of several banks, which shook consumer confidence. Since then, there's been nonstop finger-pointing by our regulators. In the aftermath of the failures, I was critical of the failed bank executives because that's where the dollar should stop. The buck stops with the executives. But you can't see that in a vacuum. You have to ask yourself the question, what was the role of the regulators? What do they do? What do they see? How do they respond to that? Your institutions have teams of examiners from the regulatory agencies in your offices every day, and I can tell by your faces you're really excited to see them when they show up. But the truth is that we, the American people, deserve to understand the complexity of the web that exists, that makes the headwinds real for lending money to would-be entrepreneurs or first-time homebuyers. Let me close with this. We're not on the same page on a lot of issues. I think there are times when banks go too far in getting involved in politics. But when it comes to your objective of creating access to credit, to resources for the American people and the American dream, that's where I hope we find our attention today, focused on an environment that is either easier for the average American to experience the American dream or it's made harder because of the challenges brought to them by this government. Thanks, Senator Scott. I'd like to introduce our eight witnesses, and then I'm going to ask you each to stand and raise your right hand and swear you in. Charles Scharf, CEO and President of Wells Fargo, welcome. Brian Moynihan, Chair and CEO of Bank of America, welcome. Jamie Dimon, Chair and CEO of JPMorgan Chase, welcome. Jane Fraser, CEO of Citigroup, welcome. Ronald Hanley, CEO of State Street, welcome to you. Robin Vance, CEO of BNY Mellon, thank you for joining us. David Solomon of Goldman Sachs, CEO. James Gorman, CEO of Morgan Stanley, please stand for a moment and raise your right hand. Do swear or affirm that the testimony you're about to give is the truth, the whole truth, and nothing but the truth, so help you God. Thank you. Make sure you take your seat, and Mr. Scharf, please begin. Chairman Brown, Ranking Member Scott, members of the committee, thank you for the opportunity to be here today. I look forward to talking with you about the contributions Wells Fargo is making to support our customers, communities, employees, and to ensure the banking system is strong and resilient. In March of this year, we all saw the failure of several banks rapidly create instability in certain parts of the banking sector. Though the causes were specific to the institutions that failed, markets became concerned that the issues were broader. In response, Wells Fargo, along with other banks here today, stood as a source of strength and stability. The strength of our institution allowed us to lend support to a smaller bank in a time of need. These actions helped stabilize the banking system, ease consumer concerns, and keep a challenge from becoming a much broader crisis. I'm proud of the role we were able to play. Wells Fargo's strength comes from a strong financial profile, disciplined financial risk management, and a commitment to run our business with high standards. Our top priority continues to be building and running a well-controlled company. Over the past four years, we have simplified our business model and have exited or downsized several businesses. We are primarily a U.S. domestic bank, and we do not have many complexities that running large-scale international businesses brings. Our legal entity structure and physical footprint are far simpler than many of our competitors. Approximately 90 percent of our revenues come from the United States. We proudly serve one in three U.S. households and more than 10 percent of small businesses in the U.S. We are a leading middle-market banking provider here. We maintain one of the largest branch networks in the nation, and we have more rural branches than any other large bank. Nearly 30 percent of our branches are in low- or moderate-income census tracts. We are constantly improving how we serve our customers in our communities. We're investing in our branches. We're building digital capabilities to complement our physical presence. And we are investing in the products we offer to our customers. Since 2019, we have taken numerous steps to reduce and simplify fees, which, as of year-end 22, have resulted in average consumer deposit account paying approximately 25 percent less in fees per year. We give customers the choice of an account that offers overdraft protection or one that is not subject to overdraft fees. We eliminated non-sufficient fund fees and transfer fees for customers enrolled in overdraft protection. We introduced early payday, which makes eligible direct deposits available up to two days early. Extra day grace, which gives eligible customers an additional business day to make deposits to avoid overdraft fees. And FlexLoan, a new digital-only small-dollar loan. I'm also proud of the role we play in our communities, where we seek to have broad impact. Last year, people who work at Wells Fargo contributed over 700,000 hours of volunteer service. I've spoken in the past of our decision to take the $420 million in fees we received from administering the PPP program and donating them through local partners to small businesses in need. Through the first half of 2023, these funds have helped support more than 203,000 small businesses, the majority of them diverse-owned, and helped preserve or create nearly 254,000 jobs. Finally, we believe our employees are our greatest asset. We invest in them and we listen to them. Since 2019, we have increased wages for U.S. hourly employees by nearly 20 percent and increased the average pay rate for tellers by 34 percent. In 2022, we increased the minimum base pay for more than 40,000 employees, and we invested an additional $200 million in employee development. We have several ways for employees to share ideas or voice concerns. Their voice matters. We take their feedback seriously, and we act on their comments. For example, in our consumer bank, approximately 4,000 improvement ideas that our employees have submitted this year have been implemented or are in the process for future implementation. Engaging directly with our employees in this way is critical to improving the work experience at Wells Fargo. I want to close by thanking our employees. Their dedication is unmatched. I'm thankful for all that they do, and I remain committed to leading Wells Fargo to being one of the most respected financial institutions in the country. Thank you, and I welcome your questions. Thank you, Mr. Moynihan. Welcome. Anyone who's ever sold a home will tell you it's really hard, and it's one of the biggest financial decisions you'll ever make. That's why who you work with matters. Together with HomeLight, we take care of every detail. We're all just trying to keep things running for those who rely on us. 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Today we're tuning into the Senate's annual Wall Street oversight hearing. Witnesses include the CEOs of major financial firms like Wells Fargo, JPMorgan Chase, Citigroup, and Goldman Sachs. This comes after the regional bank crisis earlier this year. Wall Street leaders will seek to reassure Washington and the world in light of that. Let's watch. Chairman Brown, Ranking Member Scott, and distinguished members of the committee, good morning. I'm here once again to proudly represent my 212,000-plus Bank of America teammates. Today I'll provide an update from last year on how we've delivered responsive growth for our clients, our teammates, our communities, and shareholders every day. Responsible growth continues to deliver strong results during times of relative calm as well as during challenging environments like we experienced earlier this year. We saw market turbulence as a limited number of financial institutions face challenges due to their unique business models. Bank of America, as we did during the pandemic, along with my colleague companies, served as a source of strength and stability for our industry and for our customers during these times. And we did this all while continuing to strengthen our balance sheet. As Ajit said, we are subject to the highest capital and liquidity requirements, and all of our metrics exceed those requirements. And while we have declared that we have the capital of the day to meet the proposed new capital rules, we remind you that in recent years, including this one, have shown just how important it is to have these institutions be able to position their balance sheets to help customers and clients in times of stress. That's why we continue to play an active role to help inform the future of this industry, including comments on the proposed Basel III capital rule. We believe the capital accumulated by the industry should continue to serve the customers and America's economy, not be subject to regulatory capture by a theoretical model. The $30 billion in excess today at Bank of America should be used to grow the U.S. economy, to support the business plan of small business and medium-sized businesses, to help consumers buy a home and recognize the American dream. And now for a few specific examples of progress on responsible growth. At Bank of America, we serve 60 million American consumers, 11 million small business clients, and tens of thousands of commercial clients. We continue to focus on delivering expert networking guidance across our high-touch physical network. We ended the year with 3,900 financial centers and 15,500 ATMs. We opened 58 new financial centers last year and renovated 784 more of them. In addition to these branches, we have tens of thousands of teammates serving over 100 local markets around the country. Over the next four years, we'll expand to Omaha, Louisville, Boise, Birmingham, Madison, New Orleans, Milwaukee, Dayton, and Huntsville. This will enable us to bring our full range of services and solutions to better serve clients and help drive local community growth and development. We also deployed our strength to low- and moderate-income customers, including approximately $9 billion in LMI loans to small businesses in 2022. In addition, we provided nearly $8 billion in debt and equity financing, creating more than 10,000 units of affordable housing. And we've committed $15 billion to our Affordable Home Ownership Program. That will help 60,000 American families purchase a home to ensure the American dream. Over the last few years, we've also invested in 24 minority deposit institutions. We have $2 billion outstanding to CDFIs. We've helped seed more than 150 private equity funds run by women and diverse private equity entrepreneurs. Our clients also continue to look to us to help them achieve a transition to a secure, low-carbon economy. With tens of trillions of dollars in investment needed over the next 30 years, this transition creates significant opportunities for our clients and for our company. This transition has to be led by the private sector, or it simply is not going to happen. Within our company, we continue to invest in our teammates' physical, emotional, and financial health. This includes taking steps to continue to move to our $25 U.S. minimum hourly wage pledge, which we increased to $23 in October. And for the 12th year in a row, U.S. teammates earning less than $50,000 annually will not see any increase in medical premiums. For the 6th year in a row, our teammates received special sharing success bonus, generating equity ownership to over 200,000 teammates. We're a great place to work, as recognized by external parties and by our teammates. Our employee satisfaction scores remain at all-time highs, and our turnover rate is approaching an all-time low. Responsive growth also means supporting the communities where we live and work. In 2022, we made $360 million in philanthropic investments. Our teammates reported nearly 2 million volunteer hours for the year. We also create opportunity in our communities through employment. We're in the second leg of a 10,000-teammate hiring. That's 20,000 total from low- and moderate-income communities to work in our company. Similarly, we've hired over 15,000 veterans in the last eight years. And importantly, responsive growth delivers for our shareholders. We have delivered strong earnings and strong returns. We continue to increase our common dividend, and we continue to return capital to shareholders. This is driving responsible growth. This is American capitalism at work. Thank you. Thank you, Mr. Moynihan. Mr. Diamond, welcome. Thank you. Chairman Brown, Ranking Member Scott, and members of the committee, I appreciate the opportunity to talk about JPMorgan Chase and the role of America's largest banks in supporting our economy. The United States has the best financial system in the world, where retail banks, investment banks, asset managers, investors, hedge funds, and non-banks serve the American economy. The country benefits from thousands of banks and credit unions of all sizes, covering all corners of our country. I'm very proud of this company and of the more than 300,000 employees worldwide. In the U.S., we serve more than 80 million customers, 6 million small businesses. We have more than 4,800 branches now in 48 states, almost all of your states here, and Washington, D.C., which puts the Chase branch within a 10-minute drive for 60% of the population. We are a top lender in every rural state, serving medium and large companies, local governments, hospitals, universities, farms, and manufacturers, providing almost $100 billion of credit and capital to clients in rural and small towns. JPMorgan Chase extended a total of $1.7 trillion in credit to consumers and corporations in 2023. We move $10 trillion around the world every day in 120 currencies and 160 countries daily, and we safeguard more than $29 trillion in assets. The country benefits from thousands of banks and credit unions of all sizes, serving all corners. And we must acknowledge that there are some things that can only be done by large and complex banks, things that are essential to a thriving U.S. economy and American competitiveness. While we are a large mainstream bank, large banks in this panel serve America's interests overseas. We bank America's largest multinational corporations around the world. We bank other banks and financial institutions, such as mortgage finance companies, insurance companies, World Bank, IMF, community banks, MDIs, CDFIs. Large American banks support the deepest, transparent, and most liquid capital markets in the world. We underwrite large and complex municipal bonds, which provide governments financing for roads, bridges, schools, hospitals, and airports. And we help Americans and small businesses manage their money and finance their dreams. Our collective work is important in good times, but essential in troubled times. In good times, large banks help America save, invest, and grow. We underwrite stocks and bonds to create investments for retirees and other savers, and raise money for companies, fueling job creation and new business development. As guardians of the financial system, we support our government and national security to combat financial crimes and to carry out complex operations. We are a force for good for the country, its citizens, and the global economy. In troubled times, large banks provide market stability to protect customers and employees alike. As demonstrated recently during the spring 2023 regional bank turmoil, large banks stepped in to provide market liquidity, which protected consumers, retirement savers, and employers. During COVID, we also saw America's large banks provide significant support, extending tens of billions of dollars of credit and capital to struggling large and small businesses, local governments, universities, and hospitals at a time when they needed it the most. Banks waived hundreds of millions of dollars in fees and postponed loan payments for customers struggling to make ends meet. Despite zero evidence that U.S. banks undercapitalized today, the proposed Basel III endgame rule, 10 years in the making, shockingly, if enacted would increase capital requirements by about 25% for the largest banks. None of these proposed changes, by the way, would have effectively prevented the Silicon Valley bank failure. The rule would have predictable and harmful outcomes to the economy, markets, business of all sizes, and American households in ways the Federal Reserve has not studied, contemplated, or shared. Mortgages and small business loans would be more expensive and harder to access, particularly for low- to moderate-income borrowers, as costs for originating and securitizing loans rise. Savings for retirement or college will yield lower returns, as costs rise for asset managers, money market funds, and pension funds. Government infrastructure projects will become more expensive, as capital requirements for market activity is more than double, translating to higher costs to build hospitals, bridges, and roads. From beverage companies that need to manage aluminum costs to farms that need to protect against environmental risks, if the cost of hedging these risks increases, everything from a can of soda to meat products will be impacted. Ironically, a proposal meant to mitigate risk will actually increase risk. This rule will result in an increased shift away from regulated markets to less regulated markets, which was not also studied, by the way, and this activity will be out of the sight of regulators, unable to see the next crisis brewing. I fear that the proposed now-study-later is becoming a troublesome new theme in Washington. There have been a number of consumer-focused products, caps on late fees or interest rates, cuts to debit and interchange, to name a few, where virtually no economic analysis has been performed to determine the individual or collective impact of these rules in consumers, small businesses, lower-income families, markets, or the economy. The debate should not always be about more or less regulation, but the right regulators to keep America's banking system the best in the world. I urge lawmakers and regulators to be thoughtful about the effect of arbitrary and unstudied regulatory proposals and their cumulative impact on the economy. Good regulations and good regulators are critical to maintain the strength of our banking system. Our nation should give thanks to Chairman Powell and Secretary Yellen for their tremendous work through some complicated economic times, including their work on sanctions following Russia's invasion of Ukraine and the steps they took during the regional bank turmoil this spring. These are excellent examples of how regulators working with the industry collaboratively, sharing information transparently, can protect the financial system and the country. To close, I'd like to speak to my 300,000 employees, and actually maybe all bank employees around the world, about how I am proud of everything they do every day in hundreds of communities around the world, serving consumers, businesses, large and small, farms, cities, schools, states, hospitals, around the clock, 24-7. Thank you very much for the great things you do for this country. American Medicine Today, featuring cutting-edge medical and science innovators and a medical professional's insight on political and social issues plaguing our nation and healthcare. American Medicine Today, Saturdays at 6 and Sundays at 9 on NTD Television and other streaming platforms. Stay tuned to get this free 5-piece ultra nonstick bakeware set from Gotham Steel. Are you tired of pans that burn and lids that don't fit? Worse yet, they're a nightmare to clean. You need a new set, but prices are so high it's obscene. 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Made with the highest grade specialty beans available, you're sure to taste the difference. Elevate your morning with Day's Enzyme Fermented Coffee. Welcome back. We're watching the Senate's annual Wall Street oversight hearing. Witnesses include the CEOs of major financial firms like Wells Fargo, JPMorgan Chase, Citigroup, and Goldman Sachs. The hearing comes after the regional bank crisis earlier this year. Wall Street leaders will seek to reassure Washington and the world in light of that. Let's tune in. Chairman Brown, Ranking Member Scott, and esteemed members of the committee, thank you for the opportunity to speak to you this morning. As CEO, I have the opportunity to lead a 211-year-old institution that supports clients in nearly 160 markets around the world, and we have 240,000 employees of whom I could not be more proud to lead and more grateful to. Through decades of geopolitical shifts and technological advances, we have seen how the U.S. banking system is truly unmatched. The isolated bank failures of the spring may have tested the confidence of our people in our industry, but I am proud of how our industry, including my peers sitting around me today, how we came together and worked with the government to affirm the underlying strength and stability of the system. As we chart a path forward, we need to make sure we don't inadvertently upend the very system and unique system that we have. Our financial system is the envy of others because it is underpinned by the most competitive banking system and the deepest capital markets. We're home to banks of all sizes, each with an important role to play. Collectively, our banks serve as the engines of growth, supporting businesses and households and promoting access to financial services in hard-to-reach communities. For American multinationals, global banks such as ours offer the size and scale to help them compete overseas without having to rely on foreign banks. We finance supply chains and partner with America's top companies to bring products and services to American consumers at affordable prices. We use our robust balance sheets to fund transformational projects. Last year alone, Citi worked with state and local governments to raise or finance nearly $31 billion in infrastructure investment. That included financing 35,000 affordable housing units across 32 states. That's our 13th year as the country's number one affordable housing lender. And in addition, we provide a variety of products to drive financial inclusion and work with CDFIs and MDIs to reach the underserved. As a proud participant of the OCC's Project REACH, we are co-leading the work stream that's focused on strengthening MDIs. And we are also engaged in initiatives to increase access to credit and reduce the number of Americans who are credit invisible. The strength of our financial system becomes most critical when the outlook for our economy weakens. Although we certainly don't see a drastic downturn on the horizon, history suggests that a recession is possible given the macroeconomic factors at play. And they include persistent inflation in services, rising debt, and a slowdown in global growth, as well as two major conflicts in Europe and the Middle East. And we're beginning to see some concerning signs in the lower FICO score segment of our customers. And this is unfortunately the very same group that feels any tightening of credit first. Raising capital requirements by as much as 20% on an industry that all participants believe is well capitalized is a bad idea in any environment. But it becomes even more problematic with economic uncertainty ahead. Almost every element of the Basel III endgame proposal would make lending and other financial activities more expensive, especially for smaller companies and consumers. The most likely result of increasing the cost of banks to offer a variety of products is that it would move more activity into the less regulated non-bank sector, which carries its own risk for consumers and the stability of the financial system. It would also diminish our industry's ability to compete internationally, especially with our European counterparts. I raise these concerns as I know we all share the same goal, that is of maintaining a strong and competitive banking system that supports a resilient economy. Thank you, and I look forward to answering your questions later today. Thank you, Ms. Fraser. Mr. O'Hanley, welcome. Chairman Brown, Ranking Member Scott, and members of the committee, good morning. I am proud to serve as State Street's Chairman and CEO. To start, I want to be clear on what State Street is not. We are not a consumer bank, a commercial bank, a mortgage bank, or an investment bank. We do not serve individual customers directly, and we have no retail branches. What we are is highly focused on two lines of business, investment servicing and investment management. Our investment servicing business, which includes custody and related services, enables our clients to invest and execute transactions daily in markets across the globe in a safe and efficient manner. Our investment management division is a pioneer in indexing and quantitative investing, creator of many of the world's first ETFs and the world's fourth largest asset manager. Our low-cost, diversified investment products are the building blocks of savings and investments around the world. Both business lines have the same corporate purpose, to create better investment outcomes for the world's institutional investors and the people they serve. Our direct clients are institutions across the globe. Pension funds, mutual funds, central banks, sovereign wealth funds, endowments, foundations, and insurance companies. Holders of assets for the benefits of individuals, such as retirees, savers, or students. I would like to focus a bit today on my very strong view of the value and importance of custody banks. Quite simply, strong, effective custody combined with innovation in the asset management industry is the backbone of our democratized capital market, providing investors access in a secure and cost-effective manner to the investment products they need to meet retirement and other financial goals. The safekeeping custody banks provide ensures investor assets are held and accounted for where and how they should be. This has not always been the case. From the collapse of investment trusts in the 1930s, to the failure of the Studebaker Pension Fund in 1963, to the misappropriation of the Mirror Group Pension Fund prior to Robert Maxwell's death in 1991, to the Madoff scandal uncovered in late aughts, investors are put at risk when there is no proper custody of assets. In contrast, proper custody regulation, such as the Investment Company Act of 1940, and ERISA, coupled with the enormous investments in technology by today's custody banks, has produced a modern time near perfect track record of safekeeping assets. The recent events around FTX, which did not use bank custodians, demonstrate that more remains to be done to protect investors' assets and the financial system. In the emerging digital finance space, a comprehensive, effective regulatory framework is not yet in place and the consequences are clear. State Street is subject to the highest level of regulation and supervision. We are well capitalized, both stressed and unstressed. Our balance sheet is conservatively positioned to deliver liquidity when our clients need it. We are subject to extensive resolution recovery plans. We are a proven source of stability for capital markets and our customers in times of stress. Despite the challenges of COVID and the banking stress earlier this year, the eight GSIB banks before you have done their jobs exceedingly well, partnering with regulators during COVID and the SVB First Republic crises and providing stability to our financial system. I am proud of State Street's strong performance over these stressful periods. Looking forward, the geopolitical environment is complex and unpredictable. The U.S. and the global economic recovery is uncertain as we all navigate higher interest rates and debt levels. And the financial services regulatory environment in the U.S. is in flux, in many cases with unclear goals. From a State Street perspective, I am concerned with the U.S. banking regulator's capital proposal, which I fear could negatively impact the U.S. economy by limiting bank credit extension and impairing the ability of U.S. banks like State Street to continue to provide high-quality custody and asset management services. I am also concerned by the SEC's proposed safekeeping rule, which with no clear rationale challenges some of the foundational elements of custody banking and in effect destroys the low-cost, near-perfect service now provided to investors. I hope these proposals can be adjusted, for if they not, they create risk of negative economic, market, and individual outcomes going forward. I am very proud of our company, our diverse workforce, and the role we play in the financial system. State Street and the other G-SIB banks here are the most well-capitalized and technologically advanced financial services firms in the world. They are essential to America's competitiveness and prosperity. I look forward to our dialogue today. Thanks, Mr. Hanley. Mr. Vance, welcome. Good morning, Chair Brown, Ranking Member Scott, and members of the committee. I've had the honor of serving as the CEO of BNY Mellon for just over a year. I take this responsibility very seriously. As a company, we work for a strong, competitive banking system that serves customers and communities, supports the economy, and preserves U.S. economic leadership. My appreciation for this role has only grown as I get to know our history, our clients, our people, and our culture. Let me start with who we are. BNY Mellon is the nation's oldest bank, founded by Alexander Hamilton in 1784. Today, we are a global financial services company with 50,000 employees. Our client base is varied, ranging from governments and pension funds to corporations and financial firms. These clients all have different needs and roles in the economy, and we provide the services to put their money to work, keeping it safe, moving it, and managing it. While we're proud of our history and our leading market positions, we do not take them for granted. They are constant reminders to earn trust and to plan for the long term. And this concludes our coverage of the Senate's annual Wall Street oversight hearing. If you have any news tips or feedback for the show, please feel free to email us at news.today at ntd.com. They are some of the hottest videos on social media, those videos claiming to instantly get rid of bags under your eyes. Jeanette Figueroa is here to tell us why she says this one is for real. This one is for real, and I'm so excited. Not only does it work on the bags, it works on the appearance of crow's feet, fine lines, and wrinkles. We even have a video, and all he uses is a small amount, and that's how easy it is. And I did this to my father. 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With your gift of just $19 a month, only 63 cents a day, we'll send you this adorable Love to the Rescue blanket as a thank you and a reminder of the care you'll be providing so kids can be with their families. Christmas Eve will find me where the light gleams. It only takes a moment to call the number on your screen, or you can visit loveshriners.org right now on your phone or computer. Thanks to a generous donor, your gift will go twice as far and help more kids like me. Because every child just wants to be home for the holidays, and your gift makes that possible. Your call is the best gift of all. Your gift will be my favorite Christmas present this year. Thank you for giving. Please call the number on your screen or go online right now with your monthly gift. And when you do, your gift will have two times the impact. I'm Tiffany Meyer in New York City, and we are NTD News. Welcome to NTD News Today. Here are today's top stories. A major announcement from former Speaker Kevin McCarthy about his political future and new evidence against President Biden. Lawmakers allege Biden used secret e-mail addresses while involved in his son's business dealings. Former President Trump back in the spotlight after being quizzed by Fox's Sean Hannity at a town hall in Iowa. How did Trump respond to a question about whether he would abuse his power if re-elected? The fourth GOP primary debate is set for tonight. Only four candidates will participate. We bring you what to expect from each contender at tonight's event. Unidentified governments appear to be surveilling smartphone users. This is a warning from a U.S. Senator. How are foreign officials able to do this? A major European power pulling out of China's Belt and Road Initiative. What Italy has to say about the future of the project. And in Germany, coalition leaders can't agree on a budget for 2024. Europe's largest economy is facing a crisis after a court ruling blew a $60 billion hole in the budget. This is NTD News Today live from our NTD global headquarters. Here are Stefania Cox and Chris Beers. Welcome to NTD News Today. We start with a breaking headline. The Justice Department has charged four Russian nationals with war crimes related to the invasion of Ukraine. The indictment marks the first ever use of the U.S. war crimes statute against Russia-affiliated military personnel. The four individuals are accused of unlawfully detaining and torturing an American victim, subjecting him to physical abuse and a mock execution. Attorney General Merrick Garland said the DOJ will keep its commitment to pursuing accountability for Russia's aggression in Ukraine. And Representative Kevin McCarthy, the former Speaker of the House, said he will be resigning from Congress at the end of this year. The California Republican wrote in an op-ed in the Wall Street Journal that he plans to serve America in new ways. He said he will continue to support and recruit future leaders for the expanding Republican Party. McCarthy became the first speaker in U.S. history to be ousted mid-session. That was on October 3rd. His latest decision will reduce the Republican majority to 220, compared to the 213 Democrats. New evidence of President Biden allegedly using email addresses. Lawmakers say Biden used shadow accounts in the past to communicate with business partners of his son, Hunter Biden. The House Ways and Means Committee yesterday published a report titled Newly Released Evidence Underscores Joe Biden's Excessive Use of a Secret Email Address. It contains an 11-page log which appears to show emails sent and received by Biden between 2010 and 2019. Biden allegedly used pseudonyms such as Robin Ware 456, J.R.B. Ware, and Robert L. Peters. Two IRS whistleblowers provided the email log to lawmakers. Among the recipients of the emails was Hunter Biden's former business partner, Eric Schwerin. The committee named Schwerin the architect of the Biden family's alleged shell companies. House representatives say the companies laundered President Biden's bid for re-election. During the session, Trump pledged to speed up oil and gas drilling, saying that the U.S. will once again be rich. The former president also said he does not believe Biden will be running as the Democratic nominee in 2024. Trump said he does not think Biden will make it. The former president also declared that he will win Iowa. Trump also referred to the withdrawal of U.S. troops from Afghanistan as the most embarrassing moment in U.S. history. When asked by Hannity whether he would abuse his power or free elected, Trump jokingly responded by saying that he would only do so on day one when he would close the border and drill, drill, drill for oil. Tonight, the fourth GOP primary debate. Only four candidates will make their points this time, meaning a less crowded stage and possibly more meaningful discussions. Here's what to look out for in each of the candidates. Starting with former U.S. ambassador to the U.N., Nikki Haley, who's been enjoying a rise in the polls. The rise is partly due to solid debate performances, but it could also mean more attacks from other candidates tonight. We'll see if she manages to fend off opponents and emerge with even better numbers. Now to Florida Governor Ron DeSantis as opposed to Haley. The DeSantis campaign has been declining and his poll numbers continue to go down. However, he did show a strong performance in a recent debate against California Governor Gavin Newsom. Now tech entrepreneur Vivek Ramaswamy. He started with a bang in the early stage of the campaign, but is struggling to get more than 10% in the polls. This might be partly due to former President Trump's huge lead, who's leaving all Republican candidates behind. Some are speculating Ramaswamy's real goal is to become Trump's 2024 running mate. DeSantis and Haley aren't real options for Trump, neither is on good footing with the former president. And former New Jersey Governor Chris Christie is betting heavily on New Hampshire. Polls show he comes in third in that state, just behind DeSantis. But similar to Florida's governor, Chris Christie is at odds with Trump, which has hurt polling numbers overall. Democratic candidates are also set to debate. The challengers to President Biden will appear on the progressive news network The Young Turks tonight after the GOP debate. Presidential candidates Marianne Williamson, Congressman Dean Phillips and Internet personality Cenk Uygur are set to participate. Uygur was born in Turkey. He says the natural born citizen clause would enable him to become president. However, he may have to take his case to the Supreme Court. None of the three candidates pose a real threat to Biden's 2024 campaign as of right now. An Arizona federal judge has dismissed a challenge against former President Trump. The lawsuit sought to bar Trump from the Arizona ballot. The suit claimed Trump violated the Constitution by engaging in rebellion or insurrection through his alleged involvement in the January 6th Capitol breach. A Trump spokesman called the lawsuit an attempt to interfere with the 2024 election and a waste of time for the nation's judiciary. Colorado Supreme Court is hearing Trump's 14th Amendment ballot challenge today. While lower courts had allowed Trump on the ballot, lawyers representing six Colorado voters contested the decision. Similar cases against Trump in Michigan and Minnesota have been dismissed. Two GOP lawmakers launched an investigation into Georgia prosecutor Fannie Willis yesterday. That's over her criminal case against former President Trump. Congressman Jim Jordan and Barry Loudermilk alleged Willis' office worked with the House committee that investigated the January 6th Capitol breach. The two point to a letter from Willis to Representative Benny Thompson, the committee's chairman. The letter requested access to congressional records. Willis wrote that the records were relevant to her investigation of potential interference in Georgia's 2020 general election. Republicans argue this coordination raises concerns about due process and the proper disclosure of information. They're demanding communications between Willis' office and the January 6th committee. RFK Jr.'s campaign is suing Utah officials. The independent candidate wants more time to apply for the presidential ballot in the state. The Kennedy campaign calls the January 8th deadline unconstitutional and wants it moved back to August 1st. The lawsuit aims to prevent the state's lieutenant governor and director of elections from enforcing the earlier deadline. It claims the current deadline could force the campaign to pay thousands of dollars in order to speed up its signature gathering efforts in time. Utah's deadline is the earliest in the country for unaffiliated candidates. Missing it could take Kennedy out of the running for the state's six electoral votes. As we look ahead to tonight's GOP primary debate, let's examine some of the latest developments among the candidates. Earlier, we spoke with Roger Simon for his take. He's the director of the presidential roller coaster 2024 on Epic TV and has a new book coming out January 9th titled American Refugees. Roger Simon, despite Trump missing the upcoming GOP debate, the media seems fairly heavily concentrated on him at this time. What do you think about how Trump is helping to shape the current political discourse? But, you know, it's to the advantage of people like me to go blah, blah, blah about it. Well, he is making waves, that's for sure, in headlines at least. It makes waves, but they're kind of like synthetic waves, because when you look at the polls afterwards, nothing much changes. A little bit, but it's not, you know, dramatic. OK, and if we turn now to DeSantis, he's trying to make waves, coming out with huge billboards in Iowa, you know, aligning Hillary Clinton with Nikki Haley in his campaign strategy. Do you think that that has the potential to change voters' minds at this time? But I think that people are fairly savvy now. And, you know, one of the things I notice when I go out into the real world, out of my office and talk to voters, is that everybody knows everything now. It's very different from what it was 25 years ago, because of the Internet, shows such as yours, but not just this, obviously, millions. So everybody is sort of inundated with information. So, you know, I think the other thing that's interesting, though, is the amount of money being spent on this is spectacular. And one wonders if it's to good results. Right. And another one coming out with big spending on billboards is Biden right now, just now targeting Haley, DeSantis and Trump just before the GOP debate. What do you think that says about Biden's current threat assessment in this part of the election cycle? It shows two things. One is that, you know, there was an old column in the Village Voice when I was young about politics, which had a great title on it. I was thinking of bringing it back. It was called Runnin' Scared with the chief. And that's what, you know, that's what they're all doing. But that Biden is runnin' scared at the moment because his numbers do not look good. On the other hand, again, phenomenal amounts of money are being spent. But toward one end, no one really knows. Yeah. And we look at Runnin' Scared. We do see Doug Burgum has just dropped out, you know, and you recently spoke to him as part of the presidential roller coaster. And that was just before he dropped out. So you're fresh with insights and perspectives from him. What's your assessment of, you know, what led up to that? And what, you know, what were your takeaways from that discussion? Well, you know, it's interesting because I was thinking about that. He's a nice guy. And he's also qualified. He's, you know, a successful governor. And he knows the issues. He was a very successful businessman. And the reason you trust—he didn't hit it with the public. He came in too late. Nobody knew who he was. But the irony of it is that the only people you trust now are ones with their own money. It's a kind of strange situation because he had his own money. I don't know what percentage he was spending on himself. But he was a very successful businessman. He came in with his own funds. And that means that the fat cats are not controlling him as much. That's also true of Trump to some extent. I mean, Trump's funds are diminishing. But, you know, we tend to—it's an ironic situation because before, one would think, oh, big rich people coming in and they're going to ruin everything. On the other hand, it's kind of the reverse, that the rich people are more their own men and women. And we do have Vivek Ramaswamy as well showing up on the debate stage tonight. So we'll have to see what comes of their statements and all of that tonight. So hopefully we'll have you on again to discuss that. Thank you so much, Roger Scheiman. Coming up, California is trying to hold on to the holiday spirit amid security concerns. The governor is moving a beloved tradition to the virtual realm. And a deadly shooting in Australia and an Arizona man arrested. Find out why police believe he's responsible. More in just a moment here on NTD News Today. Debating the future of America, Republicans campaign to take the stage and win over voters. Where will the people take the nation? We'll stand with our allies from Israel to Ukraine and stand up to our enemies in Iran and Russia. Watch our news analysis of the fourth GOP presidential debate. We're not teaching kids to hate our country or to hate each other. We will make America great again, greater than ever before. Live on December 6th at 10 p.m. Eastern time on NTD News. Do you feel the bills getting higher and higher every time you check out at the supermarket? Do you feel your monthly discretionary money has decreased? Although your income increases yearly. Inflation is eating away at your wealth. Digital wallets and central bank digital currencies are destroying financial privatization. Only gold and silver are constitutional forms of money. Our privacy was to be protected against unlawful search and seizure. 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In just minutes, you could have a plan that covers up to 5,000 parts and systems in your car. Don't wait until it's too late. Get CarShield's best coverage yet. Call 800-965-0729. Authoritarian regimes like China, Russia & Iran are repressing critics well beyond their borders. Even on U.S. soil. Witnesses provided evidence at a Senate committee hearing earlier this morning. The top 10 perpetrators in our assessment are China, Turkey, Tajikistan, Egypt, Russia, Turkmenistan, Uzbekistan, Iran, Belarus, and Rwanda. These 10 countries are responsible for 80% of the cases in our database. And China is responsible for fully 30% of the cases. In the last several years, as my colleague just outlined, we have seen brazen measures to intimidate and silence exile. The president of Freedom House said from 2014 to 2022, his organization collected over 800 cases of direct physical incidents. That refers to assassination, kidnapping, assault, detention, and deportation. Over 30 governments were responsible for such repression in over 90 countries. The president of Freedom House is calling on Congress to address gaps in the U.S. government response and sanction authorities responsible. Another witness is a lawyer in the U.K. who represents imprisoned Hong Kong businessman Jimmy Lai. She said she's received death threats herself just for representing her client, who is a critic of the Chinese regime. She highlighted that anyone who questions the regime's narrative is a target regardless of nationality. President Biden calls reports of Hamas raping Israeli hostages appalling. He says the world can't look away. This as the Israeli government seeks to put greater focus on the sexual violence it says Hamas committed during the October 7th attack. Some recently released hostages have shared testimonies of sexual violence and abuse during their time in Gaza. Now we speak with Colonel Richard Kemp, a retired British Army commander about Hamas' actions and the ongoing PR war in the Middle East. Colonel Richard Kemp, thank you for joining us. A U.S. official has said Hamas' failure to release its remaining female hostages could be a cover-up of sexual violence. Explain this for us. Well, Hamas has got a long-standing reputation for sexual violence and its desire to both humiliate and to basically belittle and treat women however they wish to treat them. And we saw that on the 7th of October when there was large-scale sexual violence taking place. So it wouldn't surprise me at all if Hamas hadn't abused. We know they abused in various different ways the hostages that they brought into Gaza. And so it's very likely, I think, that that's one of the reasons. And if it was discovered that Hamas has been committing sexual violence against female hostages en masse, how might that impact the international community's sentiment toward the war, particularly Israel's military strategy in Gaza? I don't think it's going to make a difference at all. Because, you know, if anyone needed more evidence for why Israel has to deal forcefully with this threat, you don't need to look beyond what actually happened on the 7th of October, including widespread sex violence, including torture, hacking people's heads off, burning them alive, mass murder and kidnapping. And much of the media and many human rights organizations, including the UN, some of them have tried to skate over a lot of this because it doesn't really fit their anti-Israel agenda. And so I don't think that highlighting this issue, it's really important that it's highlighted. But if it does come to light, I don't think it's going to make a huge difference. Now, Colonel, towns around the world, including the U.S., are refusing to display menorahs this year. You said everyone should instead light a menorah to show support for Israel and the Jewish people. What is the broader significance of that at this time? I think it's really important for not even so much Israel itself, but for the Jewish people living in countries like the United States, UK, other European countries who feel themselves so embattled since this conflict began. The rate of anti-Semitic attacks, whether it's verbal or physical, even in some cases, has multiplied many, many times over. And they really do feel under pressure, a very large number of Jewish people. I've heard some of my friends, I'm in Israel at the moment, but my Jewish friends in England have told me they're scared sometimes to go out. They don't know where their skullcap, they don't know where their Star of David, they take the menorahs off the door. And I think a show of solidarity and support from decent, civilized people in the West will help alleviate that. You're in Israel at the moment. Describe your experience for us there. Well, I've been here since a couple of days after the 7th of October massacre. And I've visited the front lines on the Lebanon border and the Gaza border. I've met many IDF soldiers. I've spoken to many people. Where I'm living now, there is a large number of refugees from homes that had to be evacuated. And one thing I would say is that the country is completely united in its determination to rid the threat of Hamas, completely get rid of it. And one thing, another thing that really struck me is the absolute heroism and the bravery of so many of the IDFs, all of the IDFs that I've met. They know the threat, they know the danger, and they are determined to defend their people against it. I've visited IDF soldiers who've been severely wounded in Gaza in the last few days. And even they, their spirits are incredibly high. Many of them, despite their severe wounds, are determined to go back and carry on the fight themselves if they get to the stage where they can do so. All right. Colonel Richard Kemp, thank you so much for your time. Thank you. New Yorkers will soon vote to replace former Congressman George Santos. The special election is scheduled for February 13th. The House voted to expel Santos last Friday over ethics violations. Governor Kathy Hochul now says the 3rd Congressional District will have to head to the polls in February. Many political insiders will be watching the results, which could give a clue about how suburban areas might vote in the 2024 election. Santos now faces a federal trial next year on 23 charges, ranging from identity theft and wire fraud to using donor money for Botox. He's pleaded not guilty. New York City is tackling a safety crisis for delivery workers. Mayor Eric Adams on Tuesday announced a pilot program for charging e-bike batteries, which are prone to explosions. Far too many people, they bring their bikes indoors, keep the bike by the door when a fire happens or the explosion takes place. Now you are blocking your egress, and that is creating much of the dangerous situations that we are seeing. The pilot program will take effect early next year. It will allow an initial group of delivery workers to charge their lithium-ion batteries in public. Adams said the goal is to move charging outdoors. It will also test new solutions like battery swapping networks. The initiative is part of the administration's Charge Safe, Ride Safe plan. The goal is to protect New Yorkers from fires caused by lithium-ion batteries. Battery fires in the Big Apple have caused 18 deaths and over 130 injuries so far in 2023. Some lithium-ion batteries meet U.S. safety standards, but many companies import the batteries. Those ones, especially those from China, are causing the biggest hazard. Michigan Governor Gretchen Whitmer has ordered that all government vehicles go fully electric. The state fleet has more than 8,500 vehicles. The executive order requires lightweight ones to have zero emissions by 2033. Medium and heavy-duty vehicles will have to transition by 2040. Reactions to the announcement were mixed. Critics pointed to reliability issues with EVs. They argued that unreliable vehicles could have a negative impact on government services. Vehicles such as heavy-duty snowplows are a particular concern. The 2023 Consumer Reports Reliability Survey shed some light on those worries. The report found that EVs on average had almost 80% more problems than gas-powered cars. The least reliable were plug-in hybrids. And the Hollywood actors' strike is now officially over. SAG-AFTRA voted to ratify a new contract with major film and television studios yesterday. About 78% of members voted in favor of ratifying the contract. The contract ended on a 118-day strike on November 18. The New Deal on November 8. The New Deal will run through June of 2026. It reportedly achieves more than $1 billion in new compensation and benefits. Hollywood suffered a one-two punch this summer when both the writers' and actors' unions went on strike. The writers struck an agreement on new contracts in September. One of the biggest issues for both groups was the rise of artificial intelligence in the industry. And California won't be having a Christmas tree lighting at the state capitol tonight due to planned protests. Instead, the ceremony will be pre-recorded and held remotely. Palestine supporters criticized the decision. They were planning a protest. Annual celebration dates back to the 1930s. The Oakland Interfaith Gospel Choir will perform during the event. The governor's office says the ceremony highlights California's diverse heritage and spirit of inclusion. He and his wife will light the tree along with Harley Goodpasture. The five-year-old will be the first Native American child to assist with the ceremony. This year's tree is a 60-foot red fir. A pre-recorded ceremony will be posted on YouTube and the governor's social media at 6 p.m. An Arizona man was arrested and charged over a deadly shooting in Australia last year. Law enforcement says his social media posts incited the attack that left six people dead. We know that the offenders executed a religiously motivated terrorist attack in Queensland. They were motivated by a Christian extremist ideology and subscribed to the broad Christian fundamentalist belief system known as pre-millennialism. The motivation of the United States National is still under investigation by the FBI. The attack involved advanced planning and preparation against law enforcement. FBI agents arrested a 58-year-old man in Arizona last week. He's facing a charge in the U.S. of inciting violence through online comments. Police haven't released his name. The shooting in Australia took place last year in December. Police arrived at a remote property in rural Queensland to investigate reports of a missing person. That was when three shooters ambushed them, opened fire and killed two officers plus a bystander. Police later killed the three shooters during a six-hour siege. Authorities say one of the shooters began following the American man on YouTube in 2020 and a year later they were communicating directly. The Arizona man appeared in court and remains in custody. Rivers rising and homes flooded in a Washington state after days of heavy rains. Nearly 16 million people in the Pacific Northwest are under flood alerts. At least two people have died. A series of tropical plumes, also called atmospheric rivers, hit the region. The Coast Guard saved five people from flooding in Roseburg. One person was trapped on top of a truck. Another four were stuck inside their home with four feet of water surrounding it. All five are in stable condition. Video shot by a western Washington resident shows flooding after heavy rain pounded the state. In another video, she recorded soccer fields flooded and water on a state highway. Other footage shows a rural highway collapse due to intense water flows both over and under the roadway. Amtrak said rail service between Seattle and Portland will be suspended until Thursday morning. The wet weather conditions have also brought warm temperatures. Coming up, Ukraine's president meeting with G7 leaders today. This as Russia's Vladimir Putin tours the Middle East. We bring you more on both meetings and their goals. And former British Prime Minister Boris Johnson in the spotlight today. The UK started its inquiry into the COVID pandemic. Protesters were seen on the streets and in the hearing room. We'll have the details soon when we return. Anyone who's ever sold a home will tell you it's really hard. And it's one of the biggest financial decisions you'll ever make. That's why who you work with matters. Together with HomeLight, we take care of every detail. Right now, all over the country, kids at Shriners Hospitals for Children are able to go home and be with their families for the holidays. And it's only possible because of the monthly support of people just like you. Thanks to a generous donor, every dollar you give can help twice as many kids like me and have double the impact. With your gift of just $19 a month, only 63 cents a day, we'll send you this adorable Love to the Rescue blanket as a thank you. And a reminder of the care you'll be providing so kids can be with their families. Christmas Eve will find me where the light gleams. It only takes a moment to call the number on your screen. Or you can visit loveshriners.org right now on your phone or computer. Thanks to a generous donor, your gift will go twice as far and help more kids like me. Because every child just wants to be home for the holidays and your gift makes that possible. Your call is the best gift of all. Your gift will be my favorite Christmas present this year. Thank you for giving. Please call the number on your screen or go online right now with your monthly gift. And when you do, your gift will have two times the impact. Adopting you was the best decision in our life and I am so proud to call you my son. I'm Kelly Wright in New York City and we are NTD News. Here with us now is NTD Business host Don Mott to discuss changes to CVS's prescription drug pricing model. It could lead to some savings for customers starting next year. Don, tell us more about this. Sure. So the whole point of this is that CVS wants to simplify how a drug is priced because the traditional prescription drug pricing system is very complicated. It's the current system. It lacks transparency and some critics also argue that it inflated healthcare costs for consumers. So it seems like the new system is very simple. So how prices are going to be reflected in a drug is that it's going to be three factors here. The initial cost of the drug plus a markup fee plus other fees. So just three factors. It seems simple enough. So CVS's more than 9,000 retail pharmacies will get paid based on this new model. So the cost of the drug plus a clearly defined markup and then plus a fee to cover things like handling the prescription drugs and then actually dispensing the prescriptions. CVS said this model is going to be called CVS Cost Vantage. And just for your comparison, currently pharmacies are typically paid using a very complicated system. And this system is not directly based on what they spent to actually purchase the drug. Prices that consumers pay are actually determined largely by middlemen here. And what they do is they negotiate rebates from drug manufacturers for insurers. And this is very complicated, but the formulas are actually not directly based on what the prescriptions actually cost for specific drugs. But it seems like this new model from CVS aims to simplify that, add more transparency at the same time, and also aims to make drug prices more predictable at the drug counter. But how is this new model going to help customers save on prescription drugs? Yeah, so this shift in payment model could change the cost for drugs for customers. It seems like more prescriptions are going to fall for consumers, prescription costs, and as well as employers and insurers at the same time. But not necessarily is it going to make all drug prices come down across the board. Some drug prices may cost less, but some might actually increase. But the CEO of CVS says they're very committed to lowering drug costs. Drug stores will start using this new model in 2025 more broadly, so we still have a year ahead for this. So again, I mentioned earlier that drug prices, some argue, are inflated. I mean, it's no surprise when there's so many parties involved in this whole system, because each party is going to demand a bit of a profit, right? And when there's a lot of moving parts here, it's going to add up the cost in the end for the consumer. And I think Americans will be surprised at the amount of hidden costs that are passed on to them. And this is due to a variety of third parties being involved. Americans spend more on drug costs than any other country, around $1,200 per year. But let's hope that this new model from CVS could bring that cost down at least a little bit. All right, what else is happening in the business world, Don? All right, so it seems like another strike could be on the way. Unionized journalists at The Washington Post say they will stage a 24-hour strike tomorrow. And this is to protest staffing cuts. They're also frustrated at what they call management's failure to bargain in good faith. It's led to contract talks that have stretched on for 18 months. The walkout is only planned for one day, but it would mark the first general work stoppage at The Post since 1975 and 6. And unidentified governments are surveilling smartphone users. This is through push notifications, according to a warning by Senator Ron Wyden. In a letter to the Department of Justice, Wyden said foreign officials demanded user data from Google and Apple. Apps of all kinds rely on notifications to alert smartphone users, from incoming messages to breaking news and other updates. But what users often don't realize is that almost all such notifications travel over Google and Apple's servers. Wyden said that Google and Apple are, quote, in a unique position to facilitate government surveillance of how users are using particular apps. And finally, Apple wants its next iPhone 16 batteries to be made in India. This is according to a report by the Financial Times, citing people familiar with the circumstances. Apple has been trying to wean off dependence on China amid growing tensions with the United States. And Chinese battery manufacturers seems like have been encouraged to establish new factories in India. A Taiwanese battery supplier has also been asked to increase production in India. That's all I have from the business world today. Nice. Thank you very much, John. Thank you. And now let's head to some Europe for some short headlines from Russia, Ukraine and other countries. Ukraine's President Volodymyr Zelensky aiming to motivate his troops. Today is the Day of the Armed Forces in Ukraine. Zelensky used the day to tell Ukrainians that their country would defeat Russia and win against all the odds. This as the country is waiting for more aid from the U.S. We are strong. We are the wall. We stand to protect our land, to protect our people, to gain victory. Glory to all of our warriors. Glory to our armed forces. Glory to Ukraine. After addressing the U.S. Senate yesterday, Zelensky is speaking with the G7 alliance leaders today. Japan says G7 is holding a virtual meeting in a show of support for the war against Russia. According to a Japanese official, the G7 will reiterate its commitment to imposing strong sanctions on Russia, but exact details are still being negotiated. The head of NATO, meanwhile, is warning of bad news coming out of Ukraine. Stoltenberg said wars develop in phases. We have to support Ukraine in both good and bad times. We should also be prepared for bad news. This comes as some are worried the conflict might reach a stalemate. Hungary's ruling party is against Ukraine joining the European Union. The party today submitting a resolution to Parliament. They're calling on the government to not support the start of talks on Ukraine's EU accession. This as Brussels is getting ready for a crucial EU summit next week. Hungarian Prime Minister Viktor Orban warned that the group may not reach a consensus on starting membership talks with Ukraine. He says the issue shouldn't be put on the agenda of next week's summit. Russian President Vladimir Putin is in Dubai. He met today with the President of the United Arab Emirates. During the meeting, Putin said relations between Russia and the UAE are at an all-time high. Putin is visiting the Middle East, including Saudi Arabia, on a rare trip abroad. He'll also hold talks with the Saudi Arabian crown prince. That's to discuss oil, OPEC, and the conflicts in Gaza and Ukraine. Germany is still battling its budget crisis caused by a court ruling. Coalition leaders on Tuesday night failed to agree on a budget. This means Parliament will not likely approve a 2024 budget by the end of the year. A recent court ruling struck down a multi-billion dollar climate fund. Lawmakers wanted to allocate over $60 billion for climate projects. The court ruling created a huge hole in Germany's budget. The government now has to agree on a budget to be able to continue funding. At stake is federal funding for local authorities, businesses, and states. The longer the wrangling goes on, the greater the uncertainty becomes in Europe's largest economy. The U.K. is investigating Britain's handling of the COVID pandemic with former Prime Minister Boris Johnson in the spotlight. Families who lost loved ones during the virus outbreak gathered outside the hearing today. That's as Johnson appeared as a witness. Protesters want him to explain his handling of the pandemic. The former Prime Minister now faces two days of questioning. Wednesday's hearing was disrupted by a protester who can't be heard in the audio recording but was asked to leave by the chairwoman. I'm sorry I am for the pain and the loss and the suffering of the COVID victims. Please sit down. Please sit down or I'm afraid you'll have to leave the hearing room. Switching gears to Asia, we have more top stories relating to China and other countries. Italy is officially withdrawing from the Chinese regime's Belt and Road Initiative. The government informed China recently it will not renew the pact. In 2019, Italy became the first and so far only major Western nation to join the program. The deal expires in March 2024. An Italian government source said the country intends to maintain good relations with China even after the exit. More than 100 countries have signed Belt and Road Agreements with the Chinese regime. The U.S. warned that the project might let China take control of sensitive technologies and vital infrastructure. Top European Union officials will travel to Beijing to meet with Chinese regime leaders tomorrow. This will be the first in-person EU-China summit since 2019. European Commission President Ursula von der Leyen, the European Council President, and the EU Foreign Policy Chief will be on the trip. The focus of the summit will be the war in Ukraine. The EU wants China to use its influence on Russia to stop the war and to respect sanctions on Russia. EU officials said there will be no joint statement and they don't expect concrete outcomes. Coming up, can two damaged fighter jets be combined into one? The U.S. Air Force says it just may be possible, but it's going to take a lot of work. And shoppers had a lucky escape when a car crashed near a store in Peru. We take a closer look at the dramatic moment shortly here on NTD News Today. I'm excited to announce that we're having our biggest Christmas sale ever. You get our brand new six-piece my towels for only $29.98. Or rejuvenate your bed with a MyPillow mattress topper as low as $99.99. Or how about MyPillow bed sheets for as low as $24.98. There's something for everyone. Duvets, quilts, down comforters, body pillows, bolster pillows, and so much more. Well, I know MyPillow products make for the perfect Christmas gifts, so I'm going to extend my money-back guarantee until March 1st, 2024. So go to MyPillow.com now or call the number on your screen. Use your promo code to get huge discounts on all MyPillow products. For example, you get our six-piece towels for only $29.98. Or get your very own MyPillow bed sheets for as low as $24.98. It's our biggest Christmas sale ever. Get all your shopping done now while quantities last. Did you know African elephants could become extinct in our lifetime? In fact, more than 90% are already gone. If we don't act now, they will disappear forever. But we can't do it alone, because when it comes to saving elephants, it's you plus IFAW, the International Fund for Animal Welfare. You plus IFAW together can help stop poaching, protect habitats, and save thousands of elephants. Call or go online right now to join IFAW.org and give $19 a month, only 63 cents a day. You can save elephants and the places they call home. Together, we can fund rangers to stop poachers in their tracks, protect the land elephants need to roam and survive, and provide loving care for those who have been orphaned so they can one day be released back into the wild. But the only way we can do this life-saving work is with you plus IFAW. So call or go online with your gift right now. With the monthly support of people just like you, elephants like Moses are alive and thriving today. It takes years of hard work from dedicated teams, so orphaned elephants can learn the skills they need to survive in the wild. So please, call now or go online with your monthly gift. You can help provide the urgent care elephants need, so this generation won't be the last. And when you use your credit card, you'll get this exclusive membership kit, including your very own IFAW t-shirt to show it's you plus IFAW standing together to help rescue and care for these majestic creatures. The danger for elephants is more urgent than ever before. That's why we need you. It's going to take all of us to help save elephants before they disappear forever. So please, call right away or go to joinifaw.org with your monthly gift, because together, you plus IFAW can save lives. Coming up on our next installment of America's Hope, we'll focus on the fact that it's the holiday season, but not everyone is happy or jolly. We'll focus on how hope lives and hope gives in times of despair, and we'll also be discussing sexual purity as well as human trafficking. The scourge of it continues to rise. All that and more in our next installment of America's Hope. Combining two damaged aircraft into one? It may sound impossible, but that's not stopping the U.S. Air Force from giving it a try. The military is trying to stitch together two damaged F-35 fighter jets into a single operational aircraft. This is the first time experts are trying something like this. They say this task is unique because it requires meticulous documentation. They even developed completely new tooling and equipment just for this project. The experts dubbed this the Frankenberg Project. They expect to complete the project in March of 2025. And in health news, avocados are an excellent source of vitamins and other nutrients. On this episode of Strong Mind and Body, we look at the health benefits of the creamy fruit. Here's NTD's Gina Marie. Avocado is a favorite fruit among many health-conscious people. It is rich in nutrients for hair and skin and is high in healthy fat, dietary fiber, and protein. Nutrient-wise, avocados include potassium, magnesium, vitamins A, C, E, K1, and B6. They are also rich in saturated fatty acids. This maintains healthy blood lipid levels and promotes the absorption of fat-soluble nutrients. Clinical studies have found that avocado also plays a significant role in cardiovascular health, weight management, and anti-aging. For most people, avocados should become an important part of their daily diet. Usually, half of a normal-sized avocado is good enough. It accounts for about 5.7% of the calories required for a day. If your diet is balanced and nutritious, you do not need to eat avocado daily. But if your diet lacks sufficient nutrients, then avocados are a great solution. Their healthy unsaturated fatty acids, dietary fiber, vitamins, and antioxidants can boost your nutrition. Avocado also contains a variety of trace elements and antioxidants. These reduce chronic inflammation in the body, including liver inflammation. The dietary fiber in avocados helps digestion and weight control, enhances insulin sensitivity, and directly helps control obesity and benefits heart health and blood pressure regulation. Therefore, avocados can reduce the risk of non-alcoholic fatty liver and some metabolic diseases. To sum it up, avocado is a healthy addition to one's diet. The most important thing is to maintain a balance and have a moderate diet. This is because all food can hurt health when consumed in excess. In that extraordinary moment, shoppers in northwest Peru had a lucky escape when a car crashed in front of a store. CCTV footage from the affected business captured the close call on Saturday. As you can see here. Video shows the moment of the crash with one woman outside the store avoiding a direct hit thanks to a street pole. A dog in South Carolina poked his nose into some trouble last week. Sumter, South Carolina Police and Fire Department responded to a call on November 30th. When they arrived on the scene, they found something odd. As you can see, a dog's head sticking out of the house. The dog, Spike, found himself in a sticky situation. The canine somehow got his head stuck in a dryer vent. His body was stuck inside. Thankfully, first responders rescued the pooch. Spike's grandma expressed her appreciation on Facebook. She wrote, quote, I am thankful for the time and the care from both police and fire department for rescuing Spike. She added that the rescue effort was a job well done. This was anything but your typical police chase. A couple of officers in Deptford, New Jersey, a suburb of Philadelphia, had their hands full yesterday as they tried to round up a four-year-old pig that got loose. The officers eventually caught the pig, but it was no easy feat. The pig's name is Albert Einswine. It's unclear how he got free, but after the hog wild escapade, the police returned him to his owners. And what was the most viewed Wikipedia article this year? The Free Online Encyclopedia says it was ChatGPT. The page for ChatGPT, a free AI chatbot, had nearly 50 million views. Next on the list of most viewed articles, deaths in 2023, followed by 2023 Cricket World Cup. Rounding out the top five, Indian Premier League and the film Oppenheimer. That's all for today's news. Thank you for tuning in. Feel free to reach out to us with news tips or feedback at news.today at ntd.com. And we'll be back with more stories tomorrow.