Sen. Warren Calls Fed Bank Merger Process a 'Rubber Stamp'

The transcript discusses the merger approval process, highlighting concerns about the lack of public involvement and transparency. It questions whether the SunTrust and BB&T merger will follow the same pattern of being approved without public input. The speaker criticizes the Federal Reserve's high merger approval rate, suggesting it favors large banks, leading to reduced competition, poorer service, and potential risks of creating 'too big to fail' banks.

What is the main criticism of the merger approval process discussed in the first section?

• It favors small banks over large ones.

• It is too strict and denies most applications.

• It lacks transparency and public involvement.

• It is too slow and inefficient.

In the context of the SunTrust and BB&T merger, what assurance is given about the process?

• It will be fair and transparent.

• It will prioritize the interests of small banks.

• It will be conducted behind closed doors.

• It will be expedited to save time.

How many merger applications were approved without a single rejection, according to the transcript?

• 2000

• 5000

• 1000

• 3819

What is one of the potential negative outcomes of creating large banks, as mentioned in the final section?

• Employee layoffs

• Improved customer service

• Lower prices for consumers

• Increased competition

What does the speaker suggest should be done before creating another large bank?

• Reduce the number of public comments

• Focus on international mergers

• Increase the number of mergers

• Allow public and stakeholder input