House Subcommittee Hears Lack of Banking Competition Fueled by Overregulation

The U.S. flag is seen on a building on Wall Street in the financial district in New York on Nov. 24, 2020. Brendan McDermid/Reuters

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.”