“The right to vote should be distributed in the broadest sense and anything that goes against that shouldn’t be tolerated,” said CEO Brian Moynihan in an interview with CNN’s Poppy Harlow on Friday.
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.
Moynihan 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.
Economy on the mend, but need to be careful about spending
Moynihan also spoke to Harlow about the economy and President Joe Biden’s proposal to raise corporate taxes. He said that he’s bullish about a rebound, citing forecasts from Bank of America’s own economists that call for a 7% surge in GDP growth this year and another 5% increase in 2022.
“That’s much faster than the past few years,” 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.
But Moynihan hedged when asked if he supports Biden’s plan to boost the corporate tax rate to 28% (from 21%) to help pay for the federal government’s $2 trillion stimulus package.
“We have to see what they come up with,” he said.
Moynihan told Harlow that although he thinks America needs a “well-focused infrastructure plan” 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’s credit rating.
And like many other business leaders, Moynihan stressed that his biggest concern about the US economy remains Covid-19, saying that America must “get the health care crisis” behind us and boost vaccinations.
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