Powell Reassures Lawmakers on Treasury Payments System Amid Debanking Cases and Elon Musk's Cost-Cutting Team

Federal Reserve Chair Jerome Powell addressed concerns regarding the recent trend of debanking, stating that he and his colleagues are troubled by the growing number of reports related to this issue. During his remarks, Powell emphasized that he believes the Treasury Department's critical payments system is safe, which aims to reassure lawmakers amidst worries about the impact of Elon Musk's cost-cutting initiatives. He also noted that people's bank accounts are overall safe, reinforcing confidence in the financial system despite the ongoing discussions about debanking.