House Subcommittee Hears Lack of Banking Competition Fueled by Overregulation

Over the past decade, there has been less competition in the banking industry, and this is harming consumers, according to Rep. Andy Barr (R-Ky.), 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….}