Open Markets Submits Comment Urging Justice Department to Block More Bank Mergers

Open Markets submitted a comment to the Justice Department urging the agency to block more bank mergers in response to its request for comments on bank merger policies in December 2021.

The DOJ’s request for comments followed President Biden’s July 2021 executive order on competition which required federal agencies to assess how they can modify existing policies and enact measures that deconcentrate the economy and promote fair competition.

In the comment, Open Markets indicates how rising concentration of the American banking sector has led to increases in consumer prices and decreases in worker wages while failing to improve productivity.

To ensure that future mergers are in the public interest and do not exacerbate the already pronounced concentration in the banking sector, Open Markets urges all federal agencies to establish clear bright-line rules to block bank mergers that harm the public.

Download the full comment here or read below: