Democratic Sen. Elizabeth Warren said she believes the regulatory system is rigged in favor of 'big, rich banks,' slamming the Federal Reserve for a 'backroom' bank merger review process that never results in acquisitions getting blocked
New York Senator Elizabeth Warren believes the regulatory system is rigged in favor of"big, rich banks."The Massachusetts Democrat slammed the Federal Reserve on Tuesday for a"backroom" bank merger review process that never results in acquisitions getting blocked."Your approval process in itself appears to be a rubber stamp. Everything is happening behind closed doors," Warren told Fed chief Jerome Powell during a Senate hearing.
More than a decade after the 2008 crisis, the big banks that survived the meltdown have only gotten bigger. And that has made them even larger targets for the likes of Warren and Senator Bernie Sanders, an independent who caucuses with the Democrats and is also running for president.The comments come as the Fed awaits its biggest bank merger application in years. Earlier this month, BB&T and SunTrust announced a $66 billion marriage.