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."
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