The U.S. Senate Committee on Banking, Housing and Urban Affairs announced that Chairman Tim Scott led a roundtable with Senate Banking Republicans and leaders from the nation’s largest consumer banks focused on debanking and other regulatory issues affecting financial institutions. Scott said law-abiding citizens and federally legal businesses should have access to financial services regardless of industry or political affiliation, and argued regulators have overreached on issues including Basel III and debanking. The release reiterated that debanking is a committee priority, pointing to earlier hearings featuring witnesses who said they were debanked, Scott’s criticism of regulators for pressuring institutions to cut off services, and a stated commitment from Federal Reserve Chair Jerome Powell to work with the committee to end the practice.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-02-13
U.S. Senate Committee on Banking, Housing and Urban Affairs convenes major consumer banks to discuss debanking and regulatory reforms
The U.S. Senate Committee on Banking, Housing and Urban Affairs, led by Chairman Tim Scott, held a roundtable with Senate Banking Republicans and major consumer banks to discuss debanking and regulatory issues. Scott emphasized that law-abiding citizens and federally legal businesses should have access to financial services, criticizing regulatory overreach on Basel III and debanking. The committee reiterated its focus on debanking, highlighting past hearings and Federal Reserve Chair Jerome Powell's commitment to address it.