Lawmakers ask how big is too big for US banks

JP Morgan purchase of First Republic sparks debate over 10% cap on deposit market share

JP Morgan, London

JP Morgan’s purchase of failed First Republic has reignited the debate over a rule designed to limit market concentration in the banking sector. Republican senator James (JD) Vance, who sits on the senate banking committee, wants the rule tightened up, and plenty of Democrats agree with him. But some suggest the original rule is at odds with the reality of the modern US banking system.

Thomas Hoenig, former vice-chair of the Federal Deposit Insurance Corporation, is firmly in the camp worrying

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