White House to target bank mergers, financial data with competition order

StreetInsider2021-07-09

WASHINGTON (Reuters) - President Joe Biden's planned executive order to promote greater U.S. competition will target bank mergers by pushing the Federal Reserve and the Department of Justice to update...

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精彩评论

tearach
2021-07-09
tearach
Pls like
- mich89:
  Done
vng
2021-07-09
vng
Thank you for informing
Minhoshuting
2021-07-09
Minhoshuting
Comment and like pls
JoshuaLiew
2021-07-09
JoshuaLiew
Yay
- JoshuaLiew:
  Yes
Patrula
2021-07-09
Patrula
Thank you
- Patrula:
  Thanks
Sean Wong
2021-07-09
Sean Wong
Comment
- Minhoshuting:
  Done
- Sean Wong:
  Thanks

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The value of M&A among commercial, savings and investment banks reached $54.66 billion by November 2020, the highest since 2009, according to data from Dealogic.\nWhile such transactions have been subject to federal review, government agencies have not formally denied a bank merger application in more than 15 years, according to a paper by Jeremy Kress, a University of Michigan professor who previously worked on bank merger oversight at the Fed.\n\"There has been a rash of bank closures across the United States, and we're dealing with the bad effects for a lot of people and it's also hard to switch options ... so it is, in a sense, a crisis of competition,\" said the source.\nA report by the Federal Financial Institutions Examination Council and the Federal Reserve Bank of St. Louis shows that the number of commercial banks in the U.S. has fallen by about 10,000 over the past two decades, a decline of 70%.\nThis has led to higher fees for consumers, reduced access to banking services for communities of color and low-income working families, and increased concerns about risk to the financial system, according to studies by the National Community Reinvestment Coalition.\nBank mergers have been a target of progressives including Senator Elizabeth Warren, who says consolidation harms consumers.\nThe executive order, which would also address merger guidelines of two other federal agencies that oversee banks, could drag big banks into a high-stakes antitrust debate even as they warn they need help from Washington to compete with financial technology upstarts. The Bank Policy Institute, which represents the nation's biggest lenders, argued in 2020 that banks face a barrage of competition from such players.\nReuters first reported Biden's plan to issue a competition executive order. Details have since emerged on specific actions the administration plans to take that will impact industries such as farm equipment manufacturers, rail and sea shipping, and the labor market.\nThe actions are part of Biden's moves to strengthen competition by not just enforcing antitrust laws but using federal power to ignite competition in an array of businesses.\nSince taking office, he has appointed advocates of tougher antitrust enforcement to top roles at the White House and agencies such as the Federal Trade Commission.\nFormer President Barack Obama's administration issued a similar order in 2016, but it failed to yield results. 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