A debate about the aggressiveness of bank regulators is intensifying on the 15th anniversary of a bank collapse that triggered the 2008 financial crisis.
Senator Elizabeth Warren called on regulators Wednesday to be tougher on US banks, asking them to prevent dominant institutions from getting even bigger through mergers of smaller rivals.
That US aid branded certain institutions in the minds of many as "too big to fail" and kickstarted a long, national debate about which banks should be regulated more aggressively and how. Regulators sold the bulk of First Republic to JPMorgan Chase, a deal Warren has criticized for making a big institution even bigger. JPMorgan is the No. 1 bank in the US as measured by assets.To Warren, one lesson from 2008 is that it is dangerous to concentrate so much power in so few hands. Allowing big banks to acquire smaller banks will only increase those risks, in her view.
These changes are part of the US version of an international accord known as Basel III that was developed following the 2008 crisis by the Basel Committee on Banking Supervision. Warren on Wednesday called for another change to how banks are scrutinized that also draws on lessons she said were learned in 2008.
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