Warren Calls Biden Bank Regulators’ Merger Stance ‘Wrongheaded’

Sen. Elizabeth Warren (D-Mass.) blasted Biden administration officials who have signaled an openness to bank mergers following the recent collapses of Silicon Valley Bank, Signature Bank, and First Republic Bank.

Warren said that Biden administration officials, including Treasury Secretary Janet Yellen and acting Comptroller of the Currency Michael Hsu, were “stunningly wrongheaded” when they made public comments indicating they would welcome consolidation among larger banks facing funding and other problems.

“Regulators are courting disaster by continuing to encourage giant banks to grow even bigger. Treating mergers as a solution to financial instability increases financial instability,” Warren said Wednesday ...