Sen. Kennedy is going after banks that are debanking – he wants the names. Sen. Kennedy grilled bankers over debanking 2nd Amendment businesses at the Senate Banking Committee hearing.
Most said the problem was that the regulators demanded it, while one said he thinks banks made the choice internally.
Senator Kennedy:
Why do you think banks are doing this? Because they’re scared of the regulators? Are they doing this because the people running the banks are prosecuting their political beliefs when a bank, when a bank holds a seminar, taking up valuable employee time to discuss whether a man can breastfeed?
“Are they doing that because regulators are leaning on them? Are they doing that because the CEO really thinks that? Is that subject to debate?
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He asked the CEO of Old Glory Bank, Mike Ring to answer.
CEO Ring:
I think it’s definitely the latter, and I think it’s also middle management. What do you mean by the latter? It is not the regulators. I do not believe the regulators pushed the big banks to de-bank conservatives. I do not. I think it was their internal choice by these big banks. [For] the same reason why big tech pick and choose winners? I think big banks pick and choose winners that they care about, and that’s why we need a market solution because you can’t regulate that type of behavior without having unintended consequences.
Sen. Kennedy:
So you think that that’s the management of these banks that are just imposing their own politics on customers and ultimately, ultimately to the detriment of shareholders, is that your testimony?
Mr. Ring answered in the affirmative. Sen. Kennedy asked the other bank CEOs, and they both said they were “definitely regulators.” One explained that the big banks wanted to work with crypto and “were scared away from it by the regulatory apparatus.”
Suddenly, Republicans seem to be acting on pressing issues.
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