Fed’s Michelle Bowman Calls Debanking A Problem After Trump’s Executive Order Barred It
Synopsis
In an interview with Bloomberg, Bowman said the first thing she did after President Donald Trump signed an executive order barring debanking was to rescind the Fed’s guidance and material on reputational risk.
Federal Reserve Governor Michelle Bowman on Tuesday reportedly called debanking a problem in the U.S. banking system.
In an interview with Bloomberg, Bowman said the first thing she did after President Donald Trump signed an executive order earlier this month barring debanking was to rescind the Fed’s guidance and material on reputational risk.
Debanking is a practice wherein lenders deny services to customers by closing their bank accounts due to perceived risks to the institution.
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