Top U.S. Bank Chief Says Immigration Uncertainty Is Now a Bigger Business Risk Than Tariffs
WASHINGTON, D.C. — Bank of America CEO Brian Moynihan said small businesses are seeking clarity, not ideology, when it comes to the Trump administration’s evolving immigration policies, arguing that uncertainty around labor rules is making it harder for firms to plan and hire.
Appearing on CBS’s Face the Nation in an interview recorded earlier this month, Moynihan explained that small business owners, many of whom rely on immigrant labor, are less focused on whether they agree with the policies themselves and more concerned that the rules have yet to fully settle.
“What they tell us is labor availability,” Moynihan said. “I need people to do this work, and I need to be dependable they’re here. So, give me a set of rules, and I’ll go play with them. But I need to be clarified of what the rules are.”
Moynihan did not directly criticize deportation efforts or immigration enforcement. Instead, he framed the issue as one of predictability, noting that businesses want stable guidelines they can plan around. He added that immigration-related labor concerns have overtaken tariffs as the top issue raised by small business clients following renewed trade uncertainty this summer.
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On the broader economy, Moynihan offered an optimistic outlook. He said consumer spending is up between 4% and 4.5% year-over-year across all income levels, with faster growth among middle- and higher-income households. While consumer sentiment remains subdued due to lingering inflation effects from earlier years, he cited solid wage growth of around 3%, low unemployment at roughly 4.6%, and strong credit conditions.
Bank of America projects U.S. GDP growth of about 2.4% in 2026. Moynihan also stressed the importance of maintaining an independent Federal Reserve, warning that markets would react negatively if that independence were compromised.
On housing, he pointed to higher interest rates and supply shortages as ongoing challenges, arguing that increasing housing supply through streamlined permitting would be more effective than waiting for mortgage rates to return to unusually low levels.
Online reactions to Moynihan’s comments have been mixed, with some viral posts amplifying claims that he rebuked Trump-era policies. However, the full interview shows his remarks were largely focused on economic stability and regulatory clarity rather than political opposition.
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