The Senate Banking Committee sent the bill led by the panel's chairman, Sherrod Brown, D-Ohio, and ranking member Tim Scott, R-S.C., to the full Senate in a 21-2 vote.

Longstanding factors such as the share of local deposits held by each bank will no longer be the main considerations in determining the competitive effects of a deal, said Assistant Attorney General Jonathan Kanter. His speech was interpreted as a hint that banks seeking merger approvals could face tougher times ahead.

Trucking companies saw a boom during COVID as homebound consumers spent big on goods that needed to be shipped. Now comes the bust, with some firms going bankrupt or struggling to pay back their loans.

Senate Banking Committee Chairman Sen. Sherrod Brown, D-Ohio, and ranking member Sen. Tim Scott, R-S.C., will have to contend with members of their own parties who would prefer a more sweeping executive compensation clawback bill.

Federal Reserve Vice Chair for Supervision Michael Barr said he is overseeing a six-month project to overall supervisory culture, practices, behavior and tools. He said regulatory changes will also be explored.

The American Bankers Association's Economic Advisory Committee said access to loans is likely to further soften, while defaults and credit losses could increase in the second half of the year.