Washington, D.C. — The American Economic Liberties Project released the following statement in response to reports that Morgan Stanley intends to buy fund manager Eaton Vance.

“Allowing Morgan Stanley to continue gaining market share in the wealth management industry is bad for investors, bad for the public, and bad for our economy, which is already seeing big businesses get even bigger during the COVID-19 crisis,” said Graham Steele, Senior Fellow at the American Economic Liberties Project. “The Fed just let Morgan Stanley merge with E*Trade. It should not allow Morgan Stanley consolidate its investment business even further.”

Learn more about Economic Liberties here.

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Economic Liberties works to ensure America’s system of commerce is structured to advance, rather than undermine, economic liberty, fair commerce, and a secure, inclusive democracy. AELP believes true economic liberty means entrepreneurs and businesses large and small succeed on the merits of their ideas and hard work; commerce empowers consumers, workers, farmers, and engineers instead of subjecting them to discrimination and abuse from financiers and monopolists; foreign trade arrangements support domestic security and democracy; and wealth is broadly distributed to support equitable political power.