{"id":112302,"date":"2021-04-16T15:59:03","date_gmt":"2021-04-16T15:59:03","guid":{"rendered":"https:\/\/fin2me.com\/?p=112302"},"modified":"2021-04-16T15:59:03","modified_gmt":"2021-04-16T15:59:03","slug":"bank-of-america-ceo-reveals-his-top-worry-about-the-economy","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/bank-of-america-ceo-reveals-his-top-worry-about-the-economy\/","title":{"rendered":"Bank of America CEO reveals his top worry about the economy"},"content":{"rendered":"<p><cite>New York (CNN Business)<\/cite>Bank of America&#8217;s chief executive is the latest business leader to speak out about restrictive voting legislation in states such as Georgia and Texas, calling for a federal bipartisan commission to investigate the measures.<\/p>\n<p>&#8220;The right to vote should be distributed in the broadest sense and anything that goes against that shouldn&#8217;t be tolerated,&#8221; said CEO Brian Moynihan in an interview with CNN&#8217;s Poppy Harlow on Friday.<br \/>\nThe comments come just two days after more than 100 executives from major companies took out a full page ad in The New York Times defending the right to vote for all and opposing &#8220;any discriminatory legislation&#8221; that infringes on that right. <\/p>\n<ul><\/ul>\n<p>Moynihan acknowledged that states have the right to set their own voting standards, but he argued that businesses should speak out when they see something they feel is unjust. <\/p>\n<ul><\/ul>\n<p>He did just that a few years ago when the governor of North Carolina, the state where <span>Bank of America<\/span> <span>(<span>BAC<\/span>)<\/span> is headquartered, signed a bill that banned transgender people from using public bathrooms for the sex they identify as. <\/p>\n<p><img decoding=\"async\" alt=\"Coca Cola, Delta Airlines strike back at Georgia voting laws\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/210315113019-georgia-voting-rights-billboard-campaign-large-169.jpg\"><br \/>\n<img decoding=\"async\" alt=\"Demonstrators stand outside of the Georgia Capitol building, to oppose the HB 531 bill on March 3, 2021 in Atlanta, Georgia. \" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/210315113019-georgia-voting-rights-billboard-campaign-large-169.jpg\"><\/p>\n<ul>\n<h3>JUST WATCHED<\/h3>\n<h2><span>Coca Cola, Delta Airlines strike back at Georgia voting laws<\/span><\/h2>\n<\/ul>\n<h4>MUST WATCH<\/h4>\n<p><span><\/span><\/p>\n<p><span>Coca-Cola<\/span> <span>(<span>KO<\/span>)<\/span> and <span>Delta<\/span> <span>(<span>DAL<\/span>)<\/span>, which are both based in Atlanta, each have criticized the restrictive new laws in Georgia.<br \/>\n<span>JPMorgan Chase<\/span> <span>(<span>JPM<\/span>)<\/span> CEO Jamie Dimon has also been vocal about his concerns regarding violence against Black Americans and social and economic injustice. Dimon told CNN&#8217;s David Axelrod earlier this week that  &#8220;the American dream is fraying and income inequality is like the fault line.&#8221;<br \/>\nMoynihan said he agreed with Dimon, and stressed that his bank plans to invest even more in local minority entrepreneurs as well as programs to help boost job skills. <\/p>\n<h3>Economy on the mend, but need to be careful about spending<\/h3>\n<p>Moynihan also spoke to Harlow about the economy and President Joe Biden&#8217;s proposal to raise corporate taxes. He said that he&#8217;s bullish about a rebound, citing forecasts from Bank of America&#8217;s own economists that call for a 7% surge in GDP growth this year and another 5% increase in 2022.<br \/>\n&#8220;That&#8217;s much faster than the past few years,&#8221; he said, adding that it was encouraging to see the number of people filing for weekly jobless claims as well as the unemployment rate coming down.<br \/>\nBut Moynihan hedged when asked if he supports Biden&#8217;s plan to boost the corporate tax rate to 28% (from 21%) to help pay for the federal government&#8217;s $2 trillion stimulus package.<br \/>\n&#8220;We have to see what they come up with,&#8221; he said.<br \/>\n<span>Amazon<\/span> <span>(<span>AMZN<\/span>)<\/span> CEO Jeff Bezos and <span>Lyft<\/span> <span>(<span>LYFT<\/span>)<\/span> CEO John Zimmer are some of the corporate leaders who have said they are in favor of a tax hike. <\/p>\n<ul><\/ul>\n<p>Moynihan told Harlow that although he thinks America needs a &#8220;well-focused infrastructure plan&#8221; to stay competitive with the rest of the world, Washington needs to also be worried about the size of the spending package in order to preserve the nation&#8217;s credit rating.<br \/>\nAnd like many other business leaders, Moynihan stressed that his biggest concern about the US economy remains Covid-19, saying that America must &#8220;get the health care crisis&#8221; behind us and boost vaccinations.<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2021\/04\/16\/investing\/brian-moynihan-bank-of-america-voting\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (CNN Business)Bank of America&#8217;s chief executive is the latest business leader to speak out about restrictive voting legislation in states such as Georgia [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":112301,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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