In testimony before the Senate Banking Committee, witnesses warned against the dangers of excessive concentration in banking, increased systemic risk resulting from bank mergers, and threats to small business.
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Senator Elizabeth Warren (D-MA) urged banking agencies to “accelerate” updating the bank merger review guidelines following the bank failures in March 2023.
Maxine Waters (D-CA), Chair of the House Financial Services Committee, called on the Federal Reserve Board, the FDIC and the OCC to "impose a moratorium on approving any large merger and acquisition application resulting in a banking entity that would have more than $100 billion in total assets."
The Treasury Department finalized regulations implementing the Foreign Investment Risk Review Modernization Act of 2018.
The House Financial Services Committee considered (i) testimony from federal banking regulators on a broad range of concerns and (ii) several proposed bills imposing additional requirements on financial institutions.