December 10, 2021

Brown: The FDIC Must Ensure We Have A Strong And Competitive Banking System For Main Street

Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Federal Deposit Insurance Corporation (FDIC) board voted to publish a request for information about the bank merger process:

“Bank mergers are on the rise, and rubber stamping bank mergers helps Wall Street but hurts Main Street businesses and communities,” said Brown. “As the insurer of bank deposits, the FDIC has a responsibility to make sure that banking markets are healthy and competitive. The FDIC Board is right to move forward with this process and engage the public to better understand consolidation as it results in the loss of bank branches and other financial services, especially in rural communities across the country.”