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CONGRESS PUSHES 5 URGENT BANKING REFORMS TO STOP DEBANKING
Lawmakers are demanding urgent FDIC action to end “debanking,” warning that unchecked regulatory power threatens financial access and could be weaponized against lawful businesses.
Lawmakers are demanding urgent FDIC action to end “debanking,” warning that unchecked regulatory power threatens financial access and could be weaponized against lawful businesses.
5 Recommendations to End ‘Debanking’: Congress Pressures FDIC to Act Now
House Financial Services Committee Chairman French Hill, along with Representatives Dan Meuser, Andy Barr, and Bryan Steil, have urged the Federal Deposit Insurance Corporation (FDIC) to implement clearer regulations on digital assets.
In a letter addressed to FDIC Acting Chairman Travis Hill, the lawmakers expressed concerns over reports that federal regulators have pressured banks to deny services to cryptocurrency-related businesses, a practice known as “debanking.”
Emphasizing transparency and accountability in financial oversight, they warned of potential future misuse of regulatory authority, stating:
We are concerned that if we do not make the necessary changes, future Administrations will continue to operate under the Choke Point playbook using the supervisory process to debank disfavored industries.
The lawmakers proposed five key recommendations for the FDIC.
First, they urged the agency to require all banking supervisory guidance to be written and made public, preventing the use of informal verbal-only directives.
Second, they called for financial institutions to provide a clear rationale when closing customer accounts, ensuring greater accountability while adhering to the Bank Secrecy Act.
Third, they pushed for the elimination of “reputational risk” as a regulatory factor, arguing that it has been misused to justify unfair banking restrictions.
Fourth, they recommended an external review process for all supervisory guidance to weigh regulatory benefits against the impact on financial access.
Finally, they emphasized that all regulations should be applied uniformly across financial institutions to prevent selective enforcement.
The legislators acknowledged that some of these reforms might require congressional approval but urged the FDIC to take action where possible. They wrote:
While we understand that there is still a need for Congressional action to help clarify regulations surrounding digital assets, we hope that you will look at these recommendations and implement them appropriately.
They also requested clarification on which recommendations would require legislative intervention, noting: “Please let us know which recommendations you believe require an act of Congress to help better inform our legislative efforts.” The letter reflects growing concerns in Congress about ensuring fair banking access for digital asset firms and preventing regulatory overreach against specific industries.
@ Newshounds News™
Source: Bitcoin News
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ZELENSKY SURRENDERS TO TRUMP AND ‘WILL SIGN MINERAL DEAL WITHIN HOURS’
Donald Trump appears to have won his trade standoff with Volodymyr Zelensky, as the Ukrainian president is set to give in and sign a deal giving the U.S. access to deposits of critical minerals.
The deal was seen as crucial for satisfying Washington’s demands for a peace settlement between Ukraine and Russia to end their three-year long war.
Zelensky told a nightly video address on Friday that teams of American and Ukrainian negotiators are working on a draft agreement, signaling an imminent deal.
‘This is an agreement that can strengthen our relations, and the key is to work out the details to ensure its effectiveness,‘ he said. ‘I look forward to the outcome – a just result.’
It’s a staggering surrender by Zelensky, who just days earlier angrily lashed out at Trump saying: ‘I can’t sell our country.’
Trump told reporters in the Oval Office on Friday evening: ‘We’re signing an agreement, hopefully in the next fairly short period of time.’
A deal could be struck as soon as Saturday, people briefed on negotiations told the Wall Street Journal. The exact terms are not yet clear, however Trump had been pushing for $500 billion worth of minerals in exchange for continued military support.
It comes after Zelensky angered Trump so much during negotiations that the president threatened to completely pull US funding from Ukraine, Axios reported.
@ Newshounds News™
Source: Daily Mail
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BRICS: VLADIMIR PUTIN CALLS FOR RUSSIA TO PARTNER WITH ELON MUSK
BRICS Member Russia’s President Vladimir Putin is calling for the country to partner with Elon Musk, according to Deputy CEO of Gazprombank Dmitry Zauers. The Russian Bank’s CEO says that Putin spoke to him about joining forces with Musk to advance the country’s technology development.
“Join forces with Musk,” Putin reportedly told Zauers. “When he is finished reforming administrative agencies in the US, he will get back go back to science. You should work with him. We are already negotiating to work together in space, we can collaborate in this sphere also,” the Russian leader added.
Zauers says he told the Russian President about domestically produced batteries used in aerospace applications and neurochips. They are “our answer to Elon Musk,” the banker said, as Musk is a giant in the tech industry himself. However, Putin wants to partner with the Tesla and SpaceX founder, not rival him.
Russia and the US: Elon Musk to Serve as the Bridge for Partnership?
Putin and Russia have explored several working relationships with the US and US representatives in the past few months since Donald Trump’s presidential nomination. Recent reports reveal that Russia is now eyeing deals with the Trump administration to save its economy from collapsing.
Indeed, the two countries discussed possible cooperation on energy projects in the Arctic during a meeting in Saudi Arabia. Kirill Dmitriev, the head of the state-owned Russian Direct Investment Fund (RDIF) confirmed that both sides negotiated some “specific areas of cooperation” and also discussed other economic policies in broad strokes.
Elon Musk has yet to comment on the reported request by Russia’s Vladimir Putin. While Donald Trump works to battle BRICS, the DOGE department leader has previously been in contact with the Russian President. It’s unclear if Musk would accept such a partnership, as he’s previously said Russia “can’t afford me.”
@ Newshounds News™
Source: Watcher Guru
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