BRIAN MOYNIHAN

Bank of America said its profits grew 15% last quarter, the latest of the big banks to do exceptionally well this earnings season as investors and consumers flock to Wall Street for safety after the failure of Silicon Valley Bank and Signature Bank.

The CEOs of the nation’s biggest banks have appeared in front of Congress and given a dim view of the U.S. economy, reflecting the financial and economic distress many Americans are facing.

Rents are starting to come down after spiking to record levels this past summer, but experts are uncertain if the slowdown will continue.

The CEO of Bank of America said the recent debate over whether the U.S. economy is technically in a recession or not is missing the point.

Bank of America says the revenue it gets from overdrafts has dropped 90% from a year ago, after the bank reduced overdraft fees to $10 from $35 and eliminated fees for bounced checks.

Bank of America’s second quarter profits fell by 32% from a year ago, the latest bank to report a decline in profits after a strong 2021.

High inflation and tangled supply chains have seeped into nearly every nook of the economy, forcing consumers and businesses to make painful decisions that many of them have never had to contemplate before.

The head of the nation’s second-largest bank said consumers are spending “at a faster rate” than he’s ever seen but he remains concerned about how inflation and supply-chain issues will influence the economy going into the winter.

The CEOs of the six biggest U.S. banks have appeared before Congress, eager to lay out their support for struggling consumers and small businesses.

Consumer banking giant Bank of America plans to set the minimum wage for all positions at the company to $25 an hour by 2025, the bank said Tuesday.

Those who tested positive were among dozens of lawmakers who were whisked to a secure location when pro-Trump insurrectionists stormed the Capitol on Wednesday. Some members of Congress huddled for hours in the large room, while others were there for a shorter period. It's not certain where and when lawmakers caught the illness, but the Capitol’s attending physician notified all House lawmakers of possible virus exposure and urged them to be tested. Rep. Bonnie Watson Coleman of New Jersey said Monday that she had tested positive for COVID-19. Jayapal also called on the House sergeant at arms to remove any lawmaker from the House floor who declines to wear a mask.

(AP Photo/Patrick Semansky)WASHINGTON – House lawmakers may have been exposed to someone testing positive for COVID-19 while they sheltered at an undisclosed location during the Capitol siege by a violent mob loyal to President Donald Trump. The Capitol's attending physician notified all lawmakers Sunday of the virus exposure and urged them to be tested. No further details were provided on which person has tested positive for the virus. Some lawmakers and staff were furious after video surfaced of Republican lawmakers not wearing their masks in the room during lockdown. A woman from California was shot to death by Capitol Police and three other people died after medical emergencies during the chaos.