Bank CEOs express support for Supplemental Security Income reform. 'This definitely should be fastened,' Jamie Dimon says

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Current SSI asset limits ‘lock folks in poverty’

Current SSI asset limits are extraordinarily low — $2,000 for people and $3,000 per couple. Those thresholds apply to all kinds of assets, together with money, financial institution accounts, investments and family items. Beneficiaries who go over the boundaries are suspended or terminated.

“The drawback is SSI’s eligibility guidelines have not been up to date by Congress — that is on us — in 40 years,” Sen. Sherrod Brown, D-Ohio, stated throughout Wednesday’s Senate Banking Committee listening to with leaders of Wall Street companies.

“They at the moment are so outdated they lock folks in poverty,” Brown stated.

Experts from the Bipartisan Policy Center, Center on Budget and Policy Priorities and Century Foundation have called the program’s rules the “most regressive, anti-saving provisions in federal regulation.”

Other Wall Street executives present support

JPMorgan Chase Chairman and CEO Jamie Dimon speaks subsequent to Bank of America Chairman and CEO Brian Thomas Moynihan and Citigroup CEO Jane Fraser in the course of the U.S. Senate Banking, Housing and Urban Affairs Committee oversight listening to on Wall Street companies, on Capitol Hill in Washington, U.S., December 6, 2023.

Evelyn Hockstein | Reuters

Wells Fargo & Co. CEO Charles Scharf indicated the agency would be open to wanting on the reform proposal.

“It seems like one thing we might be prepared to support,” Scharf stated. “We would love to check out it.”

Citigroup CEO Jane Fraser stated she helps the proposed modifications “absolutely and wholeheartedly.”

All of the opposite Wall Street executives current affirmed their support, together with Bank of America CEO Brian Moynihan, State Street CEO Ronald O’Hanley, BNY Mellon CEO Robin Vince, Goldman Sachs CEO David Solomon and Morgan Stanley CEO James Gorman.

It will take Congress’ vote to push the modifications by means of, nevertheless.

Senate lawmakers who support the invoice have vowed to connect it to any piece of shifting laws, Rebecca Vallas, a distinguished fellow on the National Academy of Social Insurance, famous throughout a November presentation of the nonprofit group’s current activity drive report.

“This is one thing that should occur, not simply to support staff, but additionally to take away limitations to financial development,” Vallas stated.

Moreover, “big numbers of workers” can not take part in a 401(ok) plan or can not take raises due to SSI’s present asset limits, she stated.

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