Andy Barr: “Economies of scale and big, large financial institutions serve our economy. Community banks serve our economy. Midsize…”

“Economies of scale and big, large financial institutions serve our economy. Community banks serve our economy. Midsize banks serve our economy. Regional banks serve our economy. Super-regional banks serve our economy, and big banks serve our economy. They serve different parts of the economy. At the larger end, the globally and systemically important financial institutions make markets. They are part of why we have the deepest, most liquid, and most competitive capital markets on planet Earth. This is not a bad thing. This is a good thing. Those large institutions are capable of serving large, multinational corporations that make the United States a destination for capital flows in our country. They are a magnet for foreign direct investment. They help us with countering terrorism. They give us a global visibility that we wouldn't have if we didn't have large globally important financial institutions that were forward positioned in other continents that allowed us visibility into financial flows and helped our law enforcement and our intelligence agencies find bad actors. That is a good thing. That is not a bad thing.”