The post The Federal Reserve Is Committed To End Debanking, Says Jerome Powell appeared on BitcoinEthereumNews.com.

The Donald Trump administration is reevaluating the stringent banking regulations implemented by the Biden administration, which led to the controversial “Operation Chokepoint 2.0.” During a Senate Banking Committee hearing, Federal Reserve Chair Jerome Powell emphasized the central bank’s commitment to preventing debanking. Federal Reserve Vows to End Debanking Practices Notably, many individuals and institutions have been “debanked” during the Biden era, denying access to banking services. While the Trump government reassesses the debanking laws, Federal Reserve Chair Jerome Powell hinted at the potential regulatory changes in the banking sector. According to an X post shared by Fox Business Journalist Eleanor Terrett, Jerome Powell revealed the Fed’s plans to remove a section from its Internal Implementation Handbook. The section suggested considering bank leaders’ “controversial” activities.” However, the revised rule will ignore bank executives’ personal opinions or actions when evaluating bank performance. Jerome Powell’s Fresh Look at Banking Rules Over the past few years, the crypto industry has been devoid of banking services. The Biden administration’s stringent regulations have effectively restricted access to banking services for individuals and institutions, particularly those with ties to the cryptocurrency sector. Fed Chair Jerome Powell recently highlighted the emergency in reassessing banking regulations, indicating a potential shift in the bank’s approach. Speaking at a Senate Banking Committee hearing, Powell expressed the need for a “fresh look” at banking rules. This signals a willingness to revisit and potentially update existing regulations. Significantly, Powell asserted that banking regulations are too strict, especially for smaller banks. He posited that some individuals and businesses are being unfairly cut off from banking services due to these policies. The Fed Chair intends to ensure that the banking policies are not causing any harm to individuals and institutions. These discussions come following the US Oversight Committee’s decision to tackle the Operation Chokepoint 2.0.…

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Filed under: News - @ February 12, 2025 4:25 am