"Countrywide was a $200 billion institution when it failed. Washington Mutual was $307 billion. Their failure presented material risks to the financial system. Why does the Fed believe that the failure of a $450 billion institution would not present risks to the financial system?" asked Warren and the letter's co-author, Rep. Jesús García, D-Ill. The two asked the same question of the FDIC.
The letter, dated Dec. 12, comes weeks after Warren and Garcia introduced their Bank Merger Review Modernization Act to tighten oversight of America's bank deal approval process. The two have argued that, if the act had been passed prior to the Truist deal, it would have been blocked. Though unlikely go past a Republican-controlled Senate, the proposal puts a spotlight on the review process for banks, which Warren and Garcia decry as "fundamentally broken."
Today, all bank deals must be approved by the Fed, the FDIC and the Office of the Comptroller of the Currency. Warren and Garcia believe the agencies often review the deals with banks in secret, prior to their being announced. They also say the agencies focus too much on their impact on the industry, rather than also looking at the consumer.
SenWarren Dumbnut what answers do you need about this false democracy. Term limits on congress
SenWarren White euro fascist imperialism at its best..Suntrust Deutsche Anglo Saxon imperialist bank helping Germany parasite off the USA like deutschekom t mobile.
SenWarren Is that your poop face?
SenWarren Let's see... Massive gov regulation put on the banks by reps like Warren... Small banks have huge legal obligations and it makes more sense to be big.. The unintended consequences of populism... Is that it always reverts back to capitalism.
SenWarren The answer was... Yes!
Righteous lying Pocahantas.
SenWarren The people who work at my local Suntrust said no one asked them about the name change or any thing. Why did the board of directors say they did ask them ?
SenWarren Ask your fellow congress members who probably have a financial interest.
SenWarren Yet she doesn't care that Planned Parenthood is selling baby parts.
SenWarren It shouldn't have been approved. Many people are losing their jobs so banks can make more money
SenWarren I just cannot stand her whiney voice!
SenWarren FDIC and Federal Reserve objective is to create Oligopolies wherever it is possible.
SenWarren I love that Mama Warren is taking care of our country's business while DonaldTrumpkin and MoscowMitch keep making us too crazy to deal with anything else.
SenWarren Wow. $28 Billion. If we only could take those money and use it for something useful (like roads, teachers and free education) - everyone would be so much better off.
SenWarren Lizzy wants her Pocahontas kick back paddy whack ... grease her palms and pale face squaw goes away .😂😂😂💪😘😘😘🌹🌹🌹
SenWarren Excellent! Go Liz!
SenWarren
SenWarren Join the great Illuminati today and become rich and famous . Are you seeking for wisdom and knowledge ? Are you a business Man / woman , Pastor, Barber, politician , musician, doctor , footballer , student ? Do you want to be a famous artist or an actor (e t.c )
SenWarren IF THAT SKINNY LYING BANTY ROOSTER IS PECKING ON THIS IT MUST BE A GOOD DEAL. BIG HEEPWAMPUM POCHAFUCKINGHONTAS
SenWarren Who cares what she thinks! She is more wrong than right!
SenWarren LIZZY SEEKS ANSWERS BY DANCING....
why you still covering that witch. there are more important things the country needs to fix
Lies lies and more lies DNA 🧬
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Source: CNBC - 🏆 12. / 72 Read more »