Sarah Miller from American Economic Liberties Project explains that bank mergers are bad for everyone except for bank executives. They destroy jobs, depress local wages, hurt small businesses, and put consumers at greater risk of exploitation and predatory loan practices.
Federal Reserve Chair Jerome Powell has not stopped a single bank merger yet, despite having a legal duty to block mergers that harm the public interest.
Now M&T Bank plans to merge with People’s United Bank, causing over a thousand people to be fired and harming consumers and small businesses in Bridgeport, Connecticut — one of the poorest cities in the country.
Powell must act.