Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senators press Fed on 'debanking' and Powell agrees to review supervisory guidance
Summary
Committee members raised repeated concerns about banks cutting services to lawful customers for reputational and political reasons. Fed Chair Jerome H. Powell said he would take a fresh look and committed to working with the committee on the issue.
Senators from both parties told Federal Reserve Chair Jerome H. Powell that reports of banks terminating relationships with lawful businesses and customers for reputational reasons — often described in the hearing as "debanking" — are a bipartisan concern.
Sen. Tim Scott, the committee chairman, asked Powell to "commit to working with…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
