During the Senate Banking Committee’s oversight hearing on prudential regulation, called “Rightsizing Regulation to Promote American Opportunity,” Sen. John Kennedy (R-LA) delivered a characteristically blunt and rhetorical grilling of Federal Reserve Vice Chair for Supervision Michelle Bowman.
Kennedy demanded to know why the Fed and other agencies had permitted banks to close customer accounts based on “reputational risk,” essentially debanking people or businesses over their politics, religious beliefs, or lawful but politically disfavored industries.
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