Over the past decade, there has been less competition in the banking industry and this is harming consumers, says Rep. Andy Barr (R-Ky.), the Chairman of the House Financial Services Subcommittee on Financial Institutions and Monetary Policy.
The subcommittee hosted a hearing on Feb. 8 titled “Revamping and Revitalizing Banking in the 21st Century.”
It featured five witnesses to discuss the state of the banking system and if overregulation has been a chief cause of the considerable slowdown in the growth rate of new financial institutions.
Not only has there been a slowdown in the creation of new banks, but the growing trend of community banks merging, being acquired, or shutting their doors are “trends we need to examine,” Barr noted….