Fed Chair Powell Breaks Silence on Debanking Concerns

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Powell’s Debanking Drama: Is It a Crisis or Just a Bad Hair Day? 🤔💸

So, during a recent Senate Banking Committee hearing, our favorite Fed Chair, Jerome Powell, decided to grace us with his thoughts on debanking. Spoiler alert: he’s not a fan! 🎤

Senator Cynthia Lummis (R-Wyo) threw down the gauntlet with “Operation Chokepoint 2.0,” which sounds like a bad sequel to a movie no one wanted. Apparently, it’s all about federal regulators trying to put the kibosh on the cryptocurrency industry. Because who doesn’t love a good government intervention? 🙄

Powell, looking as shocked as a cat in a bathtub, said he was “struck” by the rising number of debanking cases. I mean, who wouldn’t be? It’s like finding out your favorite pizza place is closing down. 🍕

But here’s the kicker: while he’s feeling all struck and stuff, he can’t actually promise to remove anyone from the debanking list. It’s like saying, “I’m really sorry you’re on the naughty list, but Santa’s got his hands tied.” 🎅

In a plot twist, Powell told Lummis that the Fed is in the process of erasing a line from its supervision manuals. Apparently, it was a line that made crypto sound like a bad idea at a party. Thanks for the heads-up, Jerome! 🙌

Rate Cuts? Not So Fast! 🐢

When asked about cutting rates, Powell was like, “Chill, folks! The US economy is still flexing its muscles.” 💪 He warned that rushing into rate cuts could mess up the Fed’s plans to tackle inflation. Because nothing says “let’s fix the economy” like a slow and steady approach, right?

As reported by U.Today, the Fed decided to keep interest rates unchanged after its January meeting. So, if you were hoping for a surprise party, you might want to lower your expectations. 🎉

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2025-02-11 21:16