Chairman of Senate Banking Committee: Debanking is 'discriminatory and un-American'
Internet reports that Senate Banking Committee Chairman Tim Scott (R-S.C.) Is leading a campaign to ban federal regulators from using reputation risk in bank supervision, calling debankingization "discriminatory and un-American." Republican senators argue that the Financial Integrity and Regulatory Management Act (FIRM Act) prevents regulators from abusing regulatory power to implement political agendas. Senator Cynthia Loomis (R-Wyo.) "The era of their unrestrained power is over," the warning said.
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