US EditionLawmakers push House bill on reputational risk
- Republican Representative Andy Barr introduced the Financial Integrity and Regulation Management Act to prevent political ideology from influencing financial services to businesses and individuals.
- The FIRM Act aims to eliminate discrimination against individuals and businesses based on social and political views, ensuring banking regulation focuses on legitimate financial risks.
- Representative Ritchie Torres stated that the FIRM Act seeks to restore fairness and objectivity in the financial system, emphasizing that access to banking should be determined by sound business practices.
- Senator Tim Scott has introduced a companion bill in the Senate, highlighting bipartisan support for the legislation against discrimination based on subjective reputational judgments.
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The Interior JournalReposted by 
kentuckytoday.com
kentuckytoday.comBarr introduces bipartisan bill to end political bias in bank supervision
WASHINGTON (KT) – Kentucky Sixth District Congressman Andy Barr, R-Lexington, has joined with New York Democrat Ritchie Torres to introduce the Financial Integrity and Regulation Management (FIRM) Act, to keep federal banking regulators from using “reputational risk” as a justification to deny financial services to lawful businesses or individuals. This legislation directly addresses the regulatory abuses that occurred under initiatives like …
·Stanford, United States
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