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McHenry Statement on Biden Bank Merger Executive Order

Washington, Jul 9 -

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement on President Biden’s misguided Executive Order that would drive up regulatory costs on financial institutions, leading to further consolidation:

“This is nothing more than Democrats’ attempt to clean up their own mess caused by Dodd-Frank,” said Republican Leader McHenry. “The law’s maze of mandates and regulations drove consolidation within the banking sector. When you find yourself in a hole, the first rule is to stop digging. Democrats have instead decided to double down and want to impose even more regulation. This won’t help institutions—especially small and community banks—better serve their customers or create more competition in financial services.”

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