Bank CEO chuckles as GOP Senator cracks Alec Baldwin joke at hearing
Congressional Banking Oversight Gets a Hilarious Twist
Congressional banking oversight is serious business, but not so serious that Sen. John Kennedy could not find a moment to slip in a hilarious quip.
The Louisiana Republican was questioning the CEOs of the largest U.S. banks on Wednesday during the Senate Banking Committee’s annual oversight hearing, according to a report by the Daily Caller.
During his questioning, he asked the panel if they found it “ironic” that the Federal Deposit Insurance Corporation was advising them on how to manage their banks with new proposed regulations despite the FDIC having watched three other banks fail this year under its regulatory oversight.
He then directed his question and joke directly to famed CEO of JP Morgan Chase, Jamie Dimon.
“Mr. Dimon, don’t you find it ironic? The FDIC is now turning to you and saying, ‘You know our track record, which is blemished at the FDIC. Your bank isn’t broken, but we are going to tell you how to fix it.’ Do you find that ironic?” Kennedy began
“They’re going to tell you how to fix it based on standards put together by bureaucrats in Basel, Switzerland, not by the United States Congress,” he continued.
“Do you find it ironic that they’re telling you this and proposing this? Isn’t that kind of like being given gun safety advice by Alec Baldwin?”
After a pause, Dimon cracked a smile and laughed.
“Should I answer the question?” the CEO asked.
Sen. Kennedy’s joke is a reference to actor Alec Baldwin’s 2021 on-set shooting incident that tragically killed cinematographer Halyna Hutchins.
She was fatally injured when the movie prop gun Baldwin had been using in the Western film, “Rust,” fired a live round and struck Hutchins.
In the video clip shared by Forbes, Sen. Kennedy also casts doubt on the credibility of the FDIC by referencing the recent reports of shocking workplace behavior occurring within the federal agency.
Based on investigative reporting by The Wall Street Journal, both current and former FDIC employees attested to a pervasive work culture of drinking, sexual harassment, and lewd behavior.
As Kennedy noted, the proposed regulations under discussion are from an international body headquartered in Basel, Switzerland.
The Basel III regulations are not legally binding until formerly adopted by the U.S., however, as described by Investopedia.
The Bank CEOs were unanimous in opposing the new Basel regulations, also referred to as Basel Endgame, claiming the required increase in capital requirements (money held within each bank) would drive up lending costs at a time when the economy is facing tough adjustments from inflation and rising interest rates, according to the Associated Press.
Bank CEO Can’t Help but Laugh When GOP Senator Cracks Alec Baldwin Joke During Hearing
The post Bank CEO Can’t Help but Laugh When GOP Senator Cracks Alec Baldwin Joke During Hearing appeared first on The Western Journal.
What does Kennedy’s quip during the Congressional hearing reveal about the role of humor in serious proceedings?
Can be seen using humor to highlight what he perceives as the inconsistency of the FDIC’s regulatory oversight. By making a comparison between the FDIC’s advice and Alec Baldwin’s credibility in gun safety, Kennedy aims to emphasize the irony of the situation.
The exchange between Kennedy and Dimon is a testament to the role that humor can play even in serious proceedings such as a Congressional hearing. Kennedy’s quip not only injects a moment of levity into the discussion but also serves as a thought-provoking comment on regulatory oversight.
However, it is important to note the sensitive nature of the joke. Alec Baldwin’s shooting incident was a tragic event that resulted in the loss of life and should be treated with the gravity it deserves. The use of humor in this context should not diminish the significance of the incident or trivialize the consequences.
Kennedy’s choice to use humor in this manner demonstrates the power of rhetoric in capturing attention and conveying a message. By employing a reference to a widely known event, Kennedy adeptly weaves current events into the discussion and brings attention to the issue at hand.
Moreover, Kennedy’s joke raises legitimate questions regarding the effectiveness and credibility of regulatory bodies. By highlighting the failures of the FDIC in overseeing other banks and contrasting it with their advice on managing banks, Kennedy questions the appropriateness of their role and raises concerns about the source of the regulatory standards.
In response to Kennedy’s joke, Dimon’s smile and laughter indicate a recognition of the irony presented. While the video clip does not capture Dimon’s full response, his willingness to engage with the humor suggests an openness to acknowledging the complexities of regulatory oversight.
Overall, Sen. John Kennedy’s use of humor in a Congressional hearing adds a unique dimension to the discussion of regulatory oversight. While it is essential to approach serious matters with the seriousness they deserve, occasional moments of levity can facilitate engagement and provide a different perspective. Kennedy’s quip served as a reminder that even the most serious of topics can benefit from a touch of humor, while also encouraging critical thinking regarding the role and effectiveness of regulatory bodies.
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