WASHINGTON — Congressional Progressive Caucus Chair Pramila Jayapal (WA-07) issued the following statement in response to today’s announcement by the Department of Justice withdrawing the 1995 Bank Merger Guidelines and emphasizing the 2023 Merger Guidelines will be utilized in their place:
“This country has seen time and time again how working people pay the price when banks get too large. For decades, mega-mergers in the industry have allowed banks to consolidate power and form predatory monopolies, often abusing outdated guidelines created before modern banking practices took form. By updating the 1995 merger guidelines, the Department of Justice is taking a major step in restoring competition and fairness in the banking industry while protecting consumers from the hazards of financial instability. Our Caucus is glad to see this important change from the Antitrust Division, and will continue to strongly support its work as well as antitrust enforcement in Congress.”
