Federal Reserve Governor is ‘Concerned’ About Number of Banks Falling 71 Percent Since 1983
Federal Reserve Governor Michelle Bowman is troubled by the falling number of financial institutions in the U.S. banking system.
In the aftermath of the Silicon Valley Bank and Signature Bank failures, there has been more scrutiny surrounding the health and state of the financial sector.
At the end of 2021, there were 4,237 banks, down from the peak of 14,469 in 1983, representing a 71 percent decline over four decades, according to data from the Federal Deposit Insurance Corporation (FDIC).
“Should we be concerned about the decline in the number of banks in the U.S. banking system? In my view, we should,” Bowman said….