Political forces are lining up behind legislation, namely the Financial Integrity and Regulation Management Act, or FIRM Act, that would rein in regulators’ abilities to pressure banks into denying services to legal but disfavored industries.
The case that certain companies, particularly those in the crypto industry, were getting debanked by association looked improbable not long ago. Mounting evidence to support the claims has brought the issue to the political forefront, and even acknowledged by the Fed chairman.
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A letter signed by Commissioner Brown and his colleagues across the United States discusses their stance on politicized debanking and the threat not only to our nation’s economy and Americans seeking a fair and competitive financial system but also to the financial health and reputation of the financial institutions engaging in this practice. They support efforts that will bring us significantly closer to ending politicized debanking. As such, we enthusiastically support the reforms contained in the FIRM ACT.
Click HERE to view the full letter.
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