Testimony of Brian Moynihan

8/14/2019 Testimony of Brian Moynihan

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8/14/2019 Testimony of Brian Moynihan

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Jmusy+ ~cmkh dfy ych swhomjmo wfmdy fj yfi`}s ch`umdn+ M ~`dy yf imsoxss cf~ E`da

fj @bhumo` ofdymdxhs yf chkw cfbhf~dhus+ j`bmkmhs+ `di exsmdhsshs fj `kk sm|hs

~h`ychu ych hofdfbmo oc`kkhdnhs$

_hofdi+ fxu `opxmsmymfd fj Bhuumkk K}doc chkwhi wuhzhdy ` jxuychu jmd`dom`k

ofkk`wsh k`sy j`kk$ Ych ih`k c`s yxudhi fxy yf eh ` nffi ih`k jfu fxu sc`uhcfkihus+

fxu oxsyfbhus+ `di ych y`w`}hus ~cf wufzmihi ych `ssmsy`doh yf chkw okfsh ych

ih`k$ ^h `oyhi md nffi j`myc+ `di ~myc ych ehsy mdyhuhsys fj fxu sc`uhcfkihus `di

ych ofxdyu} md bmdi$

Khy bh yxud yf b} jmusy wfmdy$ M ~`dy yf y`ah lxsy ` bfbhdy di wufzmih sfbhmdjfub`ymfd yc`y M cfwh }fx ~mkk jmdi chkwjxk$ M adf~ }fx ch`u jufb ofdsymyxhdys

wufe`ek} hzhu} i`} `efxy ych oc`kkhdnhs ych} `uh j`omdn md yfi`}s hofdfb}$ ^h

adf~ yc`y cfxshcfkis+ exsmdhsshs fj `kk sm|hs+ `di ofbbxdmymhs `oufss @bhumo`

jhhk ych jmd`dom`k syu`md$

E`da fj @bhumo` ms ifmdn `kk ~h o`d yf chkw uhzmy`km|h ych hofdfb}$ ^h

xdihusy`di yc`y ych wxekmo hwhoys yc`y fj xs+ md w`uymoxk`u eho`xsh ~h `uh `

jmd`dom`k mdsymyxymfd yc`y c`s ehdhjmyhi jufb y`w`}hu `ssmsy`doh md ych w`sy }h`u$

^h `uh ofbbmyyhi yf ihbfdsyu`ymdn yc`y yf ych wxekmo `di mys hkhoyhi

uhwuhshdy`ymzhs$ @s ~h uhohdyk} `ddfxdohi md fxu px`uyhuk} Khdimdn `di

Mdzhsymdn Mdmym`ymzh uhwfuy+ ~h c`zh hyhdihi )>8= emkkmfd md dh~ ouhimy smdoh ~h

jmkhi fxu jmusy uhwfuy md ych jfxuyc px`uyhu fj 5773$ Yc`y uhwuhshdys `kbfsy )0> jfu

hzhu} ifkk`u fj ych )98 emkkmfd fj y`w`}hu `ssmsy`doh yf E`da fj @bhumo`$ Ycms ms

md `iimymfd yf bfuh yc`d )5$8 emkkmfd md imzmihdi w`}bhdys yf ych X$_$ Yuh`sxu}$

8/14/2019 Testimony of Brian Moynihan

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B`amdn cfbh kf`ds ofdymdxhs yf eh fdh fj fxu cmnchsy wumfumymhs$ Ehy~hhd Lxk}

`di _hwyhbehu fj ycms }h`u `kfdh+ ych ofbw`d} hyhdihi )=: emkkmfd md jmusy

bfuyn`nhs+ chkwmdn dh`uk} 987+777 whfwkh wxuoc`sh ` cfbh fu uhjmd`doh `d

hmsymdn bfuyn`nh$ Md ych jmusy dmdh bfdycs fj ych }h`u+ ~h hyhdihi )5=5 emkkmfd

md jmusy bfuyn`nhs yf bfuh yc`d 0$? bmkkmfd oxsyfbhus$ ^h `ksf b`ih )>3 emkkmfd

md sb`kk exsmdhss `di ofbbhuom`k kf`ds jufb Lxk} ycufxnc _hwyhbehu+ `di )588

emkkmfd ixumdn ych jmusy dmdh bfdycs fj 577=$

E`da fj @bhumo` `ksf ms uhswfdimdn yf ofdsxbhus. dhhis jfu smbwkhu+ okh`uhu

wufixoys `di wumomdn ~myc sxoc mdmym`ymzhs `s ych Cfbh Kf`ds Ok`umy} Ofbbmybhdy

`di dh~ E`smo E`da@bhumo` Zms` O`ui$

Md `iimymfd yf ofdsxbhu `di exsmdhss khdimdn+ ~h `uh wufzmimdn ouhimy yf

bxdmomw`kmymhs `di dfdwufjmys yc`y shuzh kfo`k dhhis `di ofbbxdmymhs `oufss ych

ofxdyu}$ Ycms mdokxihs )> emkkmfd jufb Lxk} yf _hwyhbehu+ `di )5: emkkmfd md 577=+

yf sfbh >+877 nfzhudbhdy`k hdymymhs `di bfuh yc`d 0+977 k`unh dfdwufjmy okmhdys$

Ychsh jmnxuhs if dfy mdokxih E`da fj @bhumo`s ofbbmybhdy yf khdi `di mdzhsy

)0$8 yumkkmfd md kf~ `di bfihu`yh mdofbh ofbbxdmymhs fzhu ych dhy yhd }h`us$

^h `ksf ~mkk wufzmih )577 bmkkmfd md oc`umy`ekh nmzmdn yf sxwwfuy dfd"wufjmy

fun`dm|`ymfds yc`y chkw yf `ssxuh ych zmeu`do} fj fxu d`ymfds ofbbxdmymhs$

M yxud df~ yf b} shofdi wfmdy+ `di ych wumbh yfwmo fj yfi`}s ch`umdn$ Fj ych

b`d} exsmdhsshs M c`zh c`i ych nffi jfuyxdh fj kh`imdn jfu E`da fj @bhumo`+ M

`b w`uymoxk`uk} nu`ymjmhi yf c`zh ehhd `ekh yf kh`i ycfsh exsmdhsshs yc`y bfsy

imuhoyk} ehdhjmyhi jufb fxu `opxmsmymfd fj Bhuumkk K}doc$

8/14/2019 Testimony of Brian Moynihan

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M ycmda my ms mbwfuy`dy yf ahhw fdh ycfxncy jufdy `di ohdyhu ycufxncfxy fxu

imsoxssmfd yfi`}< @kycfxnc ych yu`ds`oymfd ~`s shzhuhk} mbw`oyhi e} ych ~fusy

imskfo`ymfd fj ych jmd`dom`k b`uahys `di bfsy shzhuh uhohssmfd smdoh ych

ihwuhssmfd+ E`da fj @bhumo`s `opxmsmymfd fj Bhuumkk K}doc ms ` sxoohss$

Jmusy+ ych `opxmsmymfd c`s wufzmihi ehdhjmys yf E`da fj @bhumo` oxsyfbhus$ @

sy`ekh E`da fj @bhumo`"Bhuumkk K}doc c`s ehhd `ekh yf wufzmih bfuh o`wmy`k yf

exsmdhsshs md ychsh yfxnc ymbhs$

_hofdi+ ych y`w`}hus `uh `ksf ehdhjmymdn jufb ` syufdnhu jmd`dom`k s}syhb+ `di

bfuh imuhoyk} md ych jfub fj ych jmd`dom`k uhyxud ych} `uh uhohmzmdn jufb ychmdzhsybhdy$

Ycmui+ ych ih`k ~`s md ych ehsy mdyhuhsy fj ych jmd`dom`k s}syhb+ ych hofdfb}+ `di

ych ofxdyu}$ @s ych ofbbmyyhh c`s ch`ui md wumfu yhsymbfd}+ ych j`mkxuh fj Bhuumkk

K}doc+ w`uymoxk`uk} fd ych chhks fj ych j`mkxuh fj Khcb`d `di fychu jmubs+ ofxki

c`zh h`ohue`yhi ych s}syhbmo c`zfo ych ofxdyu} j`ohi$ M `b wufxi yc`y E`da fj

@bhumo` syhwwhi jfu~`ui$

E`da fj @bhumo` c`s offwhu`yhi `di ~mkk ofdymdxh yf offwhu`yh ~myc ycms

ofbbmyyhh `s }fx shha yf ehyyhu xdihusy`di ych omuoxbsy`dohs sxuufxdimdn ycms

yu`ds`oymfd$ Fxu Ocmhj Hhoxymzh Fjjmohu `di shzhu`k fychu oxuuhdy `di jfubhu

hhoxymzhs c`zh bhy ~myc }fx `di ~myc ofbbmyyhh sy`jj$ ^h c`zh wufzmihi

cxdiuhis fj ycfxs`dis fj ifoxbhdys$

Ych uhofui ouh`yhi e} yc`y yhsymbfd} `di ycfsh ifoxbhdys scf~s+ `s M cfwh b}

yhsymbfd} yfi`} ~mkk scf~+ yc`y ycufxncfxy ych ihkmehu`ymfds `ufxdi fxu

`opxmsmymfd fj Bhuumkk K}doc+ E`da fj @bhumo` `oyhi md nffi j`myc `di ofdsxkyhi

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~myc fdh fj ych wuhbmhu k`~ jmubs md ych Xdmyhi _y`yhs yf ~fua ycufxnc ` zhu}

imjjmoxky mssxh$

Exsmdhss whfwkh+ ofdjufdyhi ~myc ofbwkh exsmdhss `di khn`k mssxhs+ `oyhi md `d

fwhd `di cfdhsy b`ddhu$ @kk w`uymhs mdzfkzhi+ mdokximdn ych k`~}hus+ imi ychmu

ehsy yf `iiuhss imjjmoxky pxhsymfds md ` ymbh fj nuh`y syuhss `di md ych j`oh fj

xdwuhohihdyhi hofdfbmo ofdimymfds$

Yc`da }fx jfu ych fwwfuyxdmy} yf b`ah ycms sy`yhbhdy+ `di M `b wkh`shi yf

`ds~hu }fxu pxhsymfds$