The Federal Reserve’s new top bank watchdog is pledging to take a tough approach to evaluating mergers between lenders as tie-ups between regional firms grow politically contentious in Washington.
Michael Barr, the Fed’s vice chair for supervision, said in his first major speech since taking office in July that reviewing the central bank’s process for approving combinations was one of his priorities. While rules already prevent the biggest Wall Street giants from merging, Democrats have been arguing that more scrutiny is needed for tie-ups involving smaller firms.
Michael Barr
Photographer: Ting Shen/Bloomberg
“Mergers are a feature of vibrant industries, but the advantages ...
