Lafayette Reporter

Senator John Kennedy of Louisiana has introduced a joint resolution of disapproval under the Congressional Review Act to counter a new rule by the Office of Comptroller of the Currency (OCC). The rule, implemented on January 1, 2025, alters the Bank Merger Act of 1960, complicating the approval process for bank mergers. Kennedy's resolution aims to reverse this change, which he argues could hinder banks from operating efficiently and serving their customers.

Kennedy stated, "Big government shouldn’t stand in the way of healthy bank mergers that occur in the free market and serve consumers and job creators. In order to stabilize the banking industry and protect the Americans who depend on strong banks, Congress should quickly reverse the Biden administration’s bureaucratic rule."

The resolution has gained support from Senators Bill Hagerty of Tennessee and Thom Tillis of North Carolina.

Historically, federal bank regulators have assumed that proposed mergers were acceptable unless proven otherwise. However, the new rule shifts this burden onto individual banks, potentially complicating their ability to engage in strategic mergers.

The text of Kennedy's resolution is available for review.