Truthout: Warren Introduces Bill to Protect Bank Customers, Small Banks From Consolidation
On Thursday, Sen. Elizabeth Warren (D-Massachusetts) introduced a bill that would reform the way the government authorizes bank mergers. The proposal is an effort to stop the endless “rubber stamping” of bank consolidation, which Warren argues comes at the expense of customers and small banks.
The Bank Merger Review Modernization Act, introduced with Rep. Jesús “Chuy” García (D-Illinois), would strengthen rules for the authorization process for bank mergers, in hopes of ensuring that future mergers serve the public. The act creates protections to make the process more transparent and to evaluate the financial risks that may emerge from a merger.
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By: Sharon Zhang
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