Banking organizers who “decide” who are closed their banking accounts

Senate Banking Committee President of Tim ScottRS.C. explained The reason that the banking organizers are the root of the issue when it comes to closing American bank accounts, also known as banker disposal, because the organizers “do not love them”.

Banking organizers are working under “Abbey soup” for federal agencies and sources Wall Street Fox News Digital told that when a regulator speaks, whether a sofa is a rule, instructions, or even a simple conversation, banks have no choice but to listen.

“This is a financial quagmire in the capital and beyond that decides who gets an account, which gets a loan, which enjoys access,” Tim Scott, Chairman of the Senate Board of Directors, told Fox News Digital. “These are the people who have not been elected by the citizens of our country.”

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Scott added: “These are the bureaucrats who use their strength to constantly arm them against the Republicans, and are constantly against conservatives, and are constantly equivalent to growth industries in our country, such as the encryption industry, because they do not like them.”

The high level of the strength of the organizers was designed for the first time under the operation of the suffocation point by the previous one President Barack Obama Ministry of Justice. One of the main components of the operation allowed the organizers to inform the bank accounts that constitute the “reputation risk” of the banking institution.

In addition, the language was indicated in the office of the Currency (OCC) office to the treatment of “negative public opinion” as serious financial risks.

The mysterious guidelines prompted the closure of accounts throughout America, but as the Chairman of the Senate Banking Board indicated, it was claimed that many of these accounts are Closed for political reasons Or whether the organizers do not like owners or industry behind the accounts.

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One of the important cases includes the first lady Melania Trump, Who said in her memoirs She received a notification that her bank account has long been closed and that her son, Baron Trump, was unable to open an account in the same banking institution in the wake of the events of January 6, 2021.

While taking questions from journalists at the Oval Office in June, President Donald Trump He pointed out that “the organizers control banks” and that when the administration requires the organizers “to go and make life impossible for large banks and small banks” it is really controlled by the organizers. “

Under the Trump administration, the language has since been revised, and Senator Tim Scott was presented, RS.

“The organizers have shifted with companies based on their policies for years,” MP Andy Barr told Fox News Digital. “From encryption companies to firearms manufacturers, coal and natural gas companies.”

Even dropping the reputable risk policy obtained the support of the Federal Reserve Speaker Jerome Powell, who said during the Financial Services Committee in the House of Representatives Listen in June “This is the right thing to do.”

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With the transfer of legislation through Congress, Wall Street was not shy of speaking publicly against the leverage and controlling the federal organizers of the industry.

A spokesman for JPMorgan Chase told Fox News that the company does not close accounts based on political or religious affiliation, and has repeatedly called for a better and more transparent regulatory framework that would help prevent unnecessary account closing.

Jimmy Damon told Dallas Morning News that the disposal of banking “often arises from bankers’ concerns that the government will come after them” if they end up doing business with a bad actor.

Brian Mounehan, CEO of Bank of America, told the economic club in the capital there is “100 more organizers in our building every day” and that it is the second largest bank in America. “The authorities told the authorities.”

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Although the company’s law will record the revision of the reputable risk standard, it is not the last step in creating a balance between power Between the organizers and banks. Sources at Wall Street also tell Fox that the outdated laws and rules such as the top balance transfers worth $ 10,000 and SARS activity reports create restrictions on the bank’s ability to serve customers.

When asked about the following steps to intensify organizational power, Scott said, “Changing the play book is also important.”

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“This is a task that these organizers can do,” Scott added. “They can literally start the process of tearing these pages from the playing book so that the organizers are, when they go to these banks, they do not have to contact it.”