Name: Bank of America CEO on the Impact of the U.S. Credit Rating Downgrade
Uploaded: 2025-06-13T13:30:00Z
Duration: 2 min 55 s
Description: Brian Moynihan, CEO of Bank of America, also discussed whether he sees any validity in concerns about the end of American exceptionalism.

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Brian Moynihan, CEO of Bank of America, also discussed whether he sees any validity in concerns about the end of American exceptionalism.

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Bank of America CEO on the Impact of the U.S. Credit Rating Downgrade

I want to ask you about US debt being downgraded. Is that deserved warranted, what's your take on that, Brian?

Well, you can debate warranted or not. The answer is it's done. So yeah, three major raging agencies. This is the last one. The first two happened decade plus ago and it's done. And so does it have a big impact? No, the market sort of shrugged it off, but their technical impacts, there are certain investors are restricted only to AAA securities, even if it's a US treasury. Others are just restricted US treasuries. And so all that will work through the system and be a little bit of resettling, but it caused the largest banks to be downgraded a notch. 'cause we can't be rated higher than the country. But, you know, it's all worked through the system, but it's not the downgrade, it's what the representation downgrade. And that's the question of will we get our eyes and our stomach aligned as a country where our revenue and our expenses get more aligned? And that's what the rating agencies are reflecting on. We have a tremendous country with the prospects no one else has in the world. Great innovation, great capital markets and all those good things, but the end of the day we're operating at substantial deficits for many years in a row now. And they're saying, can you bring that back in line so it doesn't hit the certain triggers that they would think are more problematic.

Yeah, I was gonna mention the Moody's downgrade to the big banks, including yours, in wake of that because of that. But that didn't seem to have a lot of impact. But this American exceptionalism that people are talking about sort of ending, that is a concern because you're talking about investors around the world not keeping their capital here, or maybe even withdrawing, businesses not wanting to do business here. Are you seeing any evidence of that?

Not really, I mean, I think, look, at the end of the day, the uncertainty about the tax policy, will the tax bill be extended? The uncertainty about the incentives that were in the infrastructure act, the IRA act, and will those be continued? Those things are momentary. But what's fundamentally strong about the United States is a rule law. The ability to have flexible workforce, ability to bring people in the country, even under different sets of rules over time, but the ability to have innovation. From research all the way through the process into commercialization at a level, you know, no one else has. And that capital markets capability, that innovation, that innovation for pure science all the way through to a commercialization of it. Those are things America's had. And then the other thing that makes America important is the final demand. You know, at the end of the day, biggest economy in the world, 2/3 of it driven by consumer activity. That is a place that if I'm selling consumer goods of any kind in the world or machines to make consumer goods or whatever, I've gotta think about the United States as that market because even though other places have more population, the size of the spending and the GDP per capita is not closed. So I think there'll be ebbs and flows in the views of what to do for the next six months, year, two years, but across long periods of time, America's, you know, the best place to invest.

Bank of America CEO on the Impact of the U.S. Credit Rating Downgrade

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