Scott Meets with Consumer Bank Leaders to Discuss Debanking, Regulatory Issues
Washington, D.C. – Today, Chairman Tim Scott (R-S.C.) led a roundtable discussion with Senate Banking Republicans and leaders from the nation’s largest consumer banks focused on debanking and other regulatory issues facing the financial institutions.
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“The debanking of Americans should concern everyone – law-abiding citizens and federally legal businesses deserve access to financial services – regardless of industry or political affiliation. I was glad to host leaders of our largest consumer banks today for a constructive conversation on ending this practice and the regulatory reforms necessary to do so. It’s clear that regulators have seriously overreached on issues from Basel III to debanking, and Congress needs to work to rein in and right-size the impacts of the Biden administration’s burdensome and arbitrary regulations. My message is clear: no regulator, and no financial institution, is above the principles of fairness and market access,” said Chairman Scott.
BACKGROUND:
As the leader of the Senate Banking Committee, Chairman Scott has made debanking a top priority.
In his first legislative hearing of the year, Chairman Scott hosted witnesses who shared firsthand their experiences being debanked. At the hearing, Chairman Scott called out the Biden administration’s financial regulators who exploited their power and pressured financial institutions to cut off services to individuals and businesses and pledged that the committee will work to find solutions to address this issue.
During the committee’s hearing with Federal Reserve Chair Jerome Powell, Chairman Scott again highlighted the issue of debanking federally legal businesses and law-abiding citizens, and Chair Powell committed to working with the committee to end this practice.
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