Sen. Elizabeth Warren, a Massachusetts Democrat in addition to another fierce Wall Street critic, also questioned the deal on Thursday. In a letter to Federal Reserve Chairman Jerome Powell, she wrote of which the Fed board’s “record of summarily approving mergers raises doubts about whether the item will serve as a meaningful check on This particular consolidation of which creates a fresh too big to fail bank in addition to has the potential to hurt consumers.”
Waters attributed the deal in part to a law passed last year of which eased some bank rules implemented from the wake of the 2008 financial crisis. She argued of which “This particular proposed merger between SunTrust in addition to BB&T is actually a direct consequence of the deregulatory agenda of which [President Donald] Trump in addition to Congressional Republicans have advanced.”
The measure passed last year eased regulations on all although the largest U.S. banks. Proponents of the legislation — including 17 Senate Democrats — argued in part of which the item would certainly save community banks through an unnecessary burden.
In a note earlier Thursday, Cowen Washington Research Group analyst Jaret Seiberg said the deal would certainly likely get approved, although noted of which congressional scrutiny could disrupt the item. Waters “asking so many questions of which the item slows the evaluation of the deal” poses a risk to the item going through quickly, he wrote.
Waters, a vocal critic of big banks, took control of the panel when Democrats regained a House majority in January. Speaking to CNBC recently, she stressed of which she can work with the financial industry.
“Even if you know you disagree which has a particular industry, you let ’em in in addition to you let ’em talk to you. the item’s always a learning experience,” she said.
WATCH: Rep. Waters meets with Bank CEOs