WASHINGTON, Feb. 27 -- Sen. Tim Scott issued the following press release:
U.S. Senator Tim Scott (R-SC), Chairman of the Senate Banking Committee, this week applauded recent progress ending debanking practices and removing "reputation risk" from federal bank supervision, urging regulators to restore balance and ensure rules support both financial stability and economic growth. At a hearing with Federal Reserve Vice Chair for Supervision Michelle Bowman, FDIC Chairman Travis Hill, Comptroller of the Currency Jonathan Gould, and NCUA Chairman Kyle Hauptman focused on prudential bank regulation. Sen. Scott highlighted the Committee's FIRM Act and President Trump's Executive Order, reinforcing that banking decisions should be based on financia...