WASHINGTON — House Democrats led by Rep. Maxine Waters, ranking member of the House Financial Services Committee, are asking regulators to update their merger review procedures.
The lawmakers said they are concerned about how long the regulators are taking to update their merger guidelines in light of President Biden's
"We've seen the harm that unbridled market consolidation poses to consumers and entrepreneurs when the biggest financial institutions get even bigger through mergers," the lawmakers said in a letter addressed to the Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and Department of Justice.
The letter comes after
"In allowing one of our largest banks to control a credit card network, that would enable them to influence multiple points of the marketplace by setting prices for credit card customers as well as merchants that swipe their cards," they said in the letter.
The Fed and the OCC will have a role in reviewing the Capital One-Discover deal, alongside the DOJ. While the DOJ has signaled tougher scrutiny of finance sector mergers, the OCC has
