Wall Street bank bosses warn Congress that new rules risk hurting US economy

Senate banking committee chair argues lobbying fight is why people hate' Wall Street and Washington

Wall Street's most powerful banking executives warned Congress that new regulations on the industry proposed by the Biden administration risk hurting the US economy.

On the eve of an election year, with the threat of recession looming large, the bosses of JPMorgan Chase, Citigroup, Goldman Sachs and five other large firms urged policymakers to be thoughtful" about the impact of the rules.

Associated Press and Reuters contributed reporting