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Senate committee advances bill to limit 'debanking' by very large financial firms, sends to amendment order
Summary
The Senate State Affairs Committee voted to send Senate Bill 1027, titled the Idaho Transparency and Financial Services Act, to the fourteenth order for possible amendment after testimony from banking industry and advocacy witnesses and debate over enforcement and scope.
Senate State Affairs on Friday voted to send Senate Bill 1027, the Idaho Transparency and Financial Services Act, to the fourteenth order for possible amendment after a presentation by the bill sponsor and testimony from both advocates and the banking industry.
Senator Kelly Anthon, sponsor of the bill, described it as a response to what supporters call "debanking"—the closing or refusal of financial services to individuals or organizations on the basis of political or religious views. "This senate bill ... will make illegal in Idaho" debanking by the very largest financial institutions, Anthon said, and asked the committee to send the bill forward so its language could be refined.
The bill, as presented, would require transparency from covered institutions about why an account is closed…
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