Senate Banking Committee Chairperson Tim Scott (R-S.C.) is leading a campaign to ban federal regulators from using reputational risk in banking regulation, calling debanking "discriminatory and un-American."
Republican senators argue that the Financial Integrity and Regulatory Management Act (FIRM Act) prevents regulators from abusing their regulatory power to pursue political agendas. "The era of their unchecked power is over," warned Senator Cynthia Loomis (R-Wyo.).
Senate Banking Committee Chairperson: Debanking is "discriminatory and un-American"
2025-03-08 17:20:31
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