Warren challenges Yellen's stance on bank mergers.

Senator Elizabeth Warren has criticized Treasury Secretary Janet Yellen and Acting Comptroller of the Currency Michael Hsu for signaling an openness to further bank consolidation amid industry weakness exposed by the meltdowns of Silicon Valley Bank and other lenders. Warren warned that allowing additional bank consolidation would hurt American consumers and small businesses, betray President Biden’s commitment to promoting competition in the economy, and threaten the stability of the financial system and the economy. Warren’s rebuke revealed a major new rift with top Biden administration officials over economic policy, in what will likely be just the beginning of a push by her to curtail mergers involving large banks.