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December 13, 2021

Pressley, Ocasio-Cortez, Tlaib, García, Jones Applaud FDIC’s Review of Bank Merger Practices, Condemn Chair McWilliams’ Illegal Attempt to Void Board Decision

WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07), along with Representatives Alexandria Ocasio-Cortez (NY-14), Rashida Tlaib (MI-13), Jesús “Chuy” García (IL-04) and Mondaire Jones (NY-17), issued the following statement in response to the FDIC Board of Director’s decision to review the agencies bank merger review practices and Chair Jelena McWilliams’ refusal to recognize the vote:

“Consolidation in the banking industry hurts consumers, small businesses, and small community banks, and we applaud the decision by the FDIC’s Board of Directors to reevaluate its bank merger review practices. FDIC Chair Jelena McWilliam’s refusal to recognize the decisive affirmative vote of the Board is unacceptable. We denounce this clearly illegal obstruction within one of our most important banking regulators.

“Our federal agencies have served as rubber stamps for bank mergers for far too long. The FDIC’s pending review, which reflects President Biden’s Executive Order promoting competition, is a crucial step in the right direction. The FDIC must ignore Chair McWilliams’ illegal obstruction and carry out its planned review. We hope other financial regulators take similar steps to ensure bank mergers don’t undermine access to credit, competition, and financial stability.”