Hold onto your hats, folks! The Federal Reserve, under the watchful eye of Jerome Powell, has declared war on the contentious practice of debanking. Yes, you heard it right! The days of being denied access to banking services are numbered.
As the Trump administration mulls over the banking regulations that went into overdrive during the Biden era (a.k.a. “Operation Chokepoint 2.0”), Chair Powell dropped a not-so-subtle hint about impending regulatory changes in the banking biz.
In a Senate Banking Committee hearing, Powell revealed that the Fed is planning to excise a section from its Internal Implementation Handbook. This section previously suggested that bank leaders’ “controversial” activities be taken into account when evaluating a bank’s performance. Fear not! The updated rule will turn a blind eye to the personal opinions and actions of bank executives. Bravo, Powell!
So, there you have it! The Federal Reserve is committed to putting an end to debanking, ensuring banking services for all. What a time to be alive! 🤩
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2025-02-11 19:52