Discussion · House of Representatives
Stephen F. Lynch Democrat
“I want the House to pass this bill. It stops giant banks from buying failing banks when smaller banks want to buy them instead.”
“Mr. Speaker, I yield myself the balance of my time. Let me first of all thank Chairman Hill for his kind remarks and his astute observations on the circumstances that have brought us to this point. I will add that I believe this morning it was announced that JPMorganChase, which was the benefactor of this previous transaction, is now approaching $5 trillion in assets. That is indeed remarkable. Their market cap is about a trillion dollars, as well. I think this legislation does point to that loophole that allows megabanks to acquire failing banks even when other eligible, well- managed small and midsize banks have submitted competing bids improving community and regional bank competitiveness and preventing further consolidation among our largest financial institutions. Again, I urge my colleagues to support this bill, and I yield back the balance of my time.”
Mr. Speaker, I yield myself the balance of my time. Let me first of all thank Chairman Hill for his kind remarks and his astute observations on the circumstances that have brought us to this point. I will add that I believe this morning it was announced that JPMorganChase, which was the benefactor of this previous transaction, is now approaching $5 trillion in assets. That is indeed remarkable. Their market cap is about a trillion dollars, as well. I think this legislation does point to that loophole that allows megabanks to acquire failing banks even when other eligible, well- managed small and midsize banks have submitted competing bids improving community and regional bank competitiveness and preventing further consolidation among our largest financial institutions. Again, I urge my colleagues to support this bill, and I yield back the balance of my time.