Palmetto State News

Washington, D.C. – A roundtable discussion led by Chairman Tim Scott (R-S.C.) took place today, involving Senate Banking Republicans and leaders from major consumer banks. The focus of the meeting was on debanking and regulatory challenges confronting financial institutions.

Chairman Scott expressed concerns about the debanking of Americans, stating that "law-abiding citizens and federally legal businesses deserve access to financial services – regardless of industry or political affiliation." He emphasized the need for regulatory reforms to address these issues, criticizing what he sees as overreach by regulators on matters such as Basel III and debanking. "My message is clear: no regulator, and no financial institution, is above the principles of fairness and market access," Scott stated.

As leader of the Senate Banking Committee, Scott has prioritized addressing debanking. In a recent legislative hearing, he heard testimonies from individuals who experienced being debanked. During this session, Scott criticized financial regulators within the Biden administration for pressuring institutions to cut off services to certain individuals and businesses. He committed to seeking solutions through committee efforts.

In a hearing with Federal Reserve Chair Jerome Powell, Scott reiterated concerns about debanking practices affecting federally legal businesses and law-abiding citizens. Chair Powell agreed to collaborate with the committee in addressing this issue.