On Thursday, May 2nd, the Revolving Door Project, in conjunction with the Demand Progress Education Fund and Color for Change, submitted a comment to the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve System Board of Governors regarding the proposed merger between Branch Banking and Trust Company (BB&T) and SunTrust Bank. This comment raised numerous concerns related to the implications of this merger, the largest since the financial crisis, and the integrity of the process by which it will be approved.
To approve this merger under these circumstances would undermine public confidence in both the FDIC and the Federal Reserve. For this reason, the Revolving Door Project and the Demand Progress Education Fund appealed directly to Federal Reserve Governor Lael Brainard, who has previously served as an ally of pro-worker groups, to oppose the merger until such time as the concerns we raise in our comment are resolved.
Please find the full letter here.