Hearings run by the US Senate Committee on Banking, Housing and Urban Affairs can be pretty dull. The first hour is filled with lengthy, monotone statements from politicians and pre-prepared – usually pre-released – remarks from those called to testify. The second hour typically consists of political grandstanding, disguised as questioning.
The February 6 hearing, however, contained a short exchange that has big implications for the largest US banks. Senator Sherrod Brown asked the assembled