Chairman of the Senate Banking Committee: Debanking is "Discriminatory and Un-American"
Chairman of the Senate Banking Committee, Tim Scott (R-S.C.), is leading a campaign to ban federal regulatory agencies from using reputation risk in bank regulation, claiming that de-banking is "discriminatory and un-American." Republican senators believe that the Financial Integrity and Regulatory Management Act (FIRM Act) prevents regulatory agencies from abusing their powers to enforce political agendas. Senator Cynthia Lummis (R-Wyo.) warned: "Their era of unchecked power has come to an end."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Jupiter Exchange acquires lending market Rain.fi
U.S. crypto-related stocks continue to weaken in pre-market trading
FTX/Alameda unstakes 194,800 SOL worth $25.5 million
Data: A new wallet withdrew 37,002 SOL from an exchange, worth approximately $4.84 million.