May 15, 12:58 PM

Federal Reserve Secret Debanking Policy Prompts Old Glory Bank Launch, OCC-FDIC Changes, and Senate Action Led by Tim Scott

The issue of "debanking," where individuals lose access to banking services due to their political views or activities deemed controversial, has gained attention in Washington and the media. The New York Times recently published a report acknowledging the reality of debanking and revealed that the Federal Reserve has a secret policy to target banks involved in such "controversial activities," a fact disclosed by Senator Lummis. In response, conservative figures including Ben Carson, John Rich, former Oklahoma Governor Mary Fallin, and Larry Elder have founded Old Glory Bank to protect customers from losing access based on political beliefs, emphasizing privacy and security. Regulatory agencies like the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have agreed to reconsider the use of reputational risk as a standard, following controversy over politically motivated debanking. Senate Banking Chairman Tim Scott has also supported legislative efforts addressing this issue. Some commentators argue that debanking results from regulatory actions rather than free-market competition. Academic research on governmental debanking is forthcoming, with a paper expected later this summer in the Texas A&M Law Review.

#Washington #The New York Times #Federal Reserve #Lummis #Ben Carson #John Rich #Oklahoma #Mary Fallin #Larry Elder #Old Glory Bank #OCC #Federal Deposit Insurance Corporation #FDIC #Senate Banking #Tim Scott

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Federal Reserve Secret Debanking Policy Prompts Old Glory Bank Launch, OCC-FDIC Changes, and Senate Action Led by Tim Scott

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