AFFM Statement Applauding Senate Banking Committee For Advancing FIRM Act

Earlier today, Americans for Free Markets (AFFM) Executive Director John Wittman released the following statement following a U.S. Senate Banking Committee vote advancing the Financial Integrity and Regulation Management (FIRM) Act out of committee.

“Chairman Tim Scott, along with all Republican members of the U.S. Senate Banking Committee, have taken a critical step forward in protecting businesses and consumers from regulatory overreach. The FIRM Act will prevent regulators from using reputational risk as a factor in assessing a bank’s financial stability—an ambiguous standard that has been misused and abused to pressure banks into exiting law-abiding customers based on political considerations rather than objective financial criteria.

“For too long, unelected regulators have pressured financial institutions to prioritize political considerations over sound business decisions. This legislation puts a stop to that and ensures financial oversight is grounded in measurable factors rather than ever-shifting political agendas.

“AFFM commends Chairman Scott and Senate Banking Committee Republicans for taking swift and decisive action to stop regulatory abuse and safeguard the free market. We urge swift passage of this critical bill in the full Senate to protect businesses, consumers and financial institutions from politically motivated interference.”

Read more about what other members of AFFM have to say on the FIRM Act HERE.