During the Senate Banking, Housing, and Urban Affairs Committee hearing, Jane Fraser, CEO of Citigroup, faced scrutiny over the weaknesses found in the resolution plans of four major American lenders. The Federal Reserve and the Federal Deposit Insurance Corp. found faults in the living wills of Citigroup, JPMorgan Chase, Goldman Sachs, and Bank of America, specifically in their strategies for unwinding derivatives portfolios in times of distress. Citigroup's plan, in particular, was labeled as having a more serious deficiency that could hinder an orderly resolution under U.S. bankruptcy code. While Citigroup insists they are committed to addressing these issues, the regulators demanded improvements by their next living will submission in 2025. The annual oversight highlights the importance of these plans in preventing another financial crisis like the one in 2008.