October 14, 2022

Brown Statement on U.S. Bank Merger Approval and Fed Rulemaking

U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the Federal Reserve announced its approval of the U.S. Bank-MUFG merger.

“I have long raised concerns about megabank mergers and consolidation. They increase risks to our financial system, decrease competition, and lead to branch closures, which can hurt consumers and communities,” said Brown. “I look forward to working with the Fed to address these concerns and to strengthen regulation to ensure that the banking system works for everyone.”