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An internal directive from the Federal Reserve instructs banks to exercise caution when dealing with clients labeled as 'controversial' or 'politically sensitive.' This information was revealed through a classified document obtained by Senator Cynthia Lummis. The memo suggests that bank leaders' associations with controversial commentary should be scrutinized. The directive has raised concerns about the potential implications for banking relationships and the broader impact on financial services. The document is part of the evidence presented during a recent de-banking hearing led by Senator Lummis.
Breaking via @EleanorTerrett and @CGasparino The Federal Reserve and its member banks have an internal directive to take caution when it comes to working with clients who are deemed “controversial,” according to a classified internal document obtained by @SenLummis and reviewed…
🚨NEW: The Federal Reserve and its member banks have an internal directive to take caution when it comes to working with clients who are deemed “controversial,” according to a classified internal document obtained by @SenLummis and reviewed by myself and @CGasparino. The… https://t.co/xoRc1TCnWi
This is Senator Lummis’s exhibit from the de-banking hearing. Seems to be from a Federal Reserve handbook for reviewing account applications. Explicitly instructs decision makers to consider whether a bank’s leadership is involved with “controversial commentary.” https://t.co/pOtkqjRib1