United States Federal Reserve Chair Jerome Powell underscored on Wednesday that banks across the country are focused on building liquidity following the turmoil in the banking sector in March.
"I don't have an agenda to further consolidate banks," the chair of the Federal Reserve stressed with reference to JPMorgan Chase's buyout of First Republic Bank, and added that having small, medium, and large-sized banks is a "great part" of the American financial system.
"We do not want the largest banks to make large aqusitions," Powell underscored, but emphasized that takeover deal of First Republic Bank was an "exception" that follow the law of "least-cost bid."
