Tim Scott promotes legislation to restrict regulators from interfering in banking operations based on ‘reputation risk’

Tim Scott, chairman of the U.S. Senate Banking Committee, is pushing legislation that seeks to bar bank regulators from influencing banks ‘business decisions based on reputational risk. The bill, called the Financial Integrity and Regulatory Regulation Act (FIRM Act), aims to prevent regulators from interfering with the banking services of legitimate businesses for political reasons, especially as the crypto industry faces bank account closures. Scott emphasized that ending debanking is one of his priorities and criticized regulators for abusing the concept of reputation risk. (CoinDesk) 

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