Warren's rebuke revealed a major new rift with top Biden administration officials over economic policy.
has a new warning for Treasury Secretary Janet Yellen: Stop saying it’s OK for banks to get bigger.to Yellen, top bank regulators and the Justice Department called out the Treasury secretary and Acting Comptroller of the Currency Michael Hsu for recent comments that signaled an openness to further bank consolidation amid industry weakness exposed by the meltdowns of Silicon Valley Bank and other lenders.
“Allowing additional bank consolidation would be a dereliction of your responsibilities, hurting American consumers and small businesses, betraying President Biden’s commitment to promoting competition in the economy, and threatening the stability of the financial system and the economy,” Warren wrote.
Yellen, who played a lead role in policing the banking industry when she was Federal Reserve chair, has been the most prominent Biden administration voice signaling an openness to more bank M&A. Bank lobbyists, who want the administration to loosen up on mergers, have notedBank regulators and the Justice Department — not Yellen — have the power to reject proposed bank mergers.
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