Senator Tim Scott Introduces Bill to Block Bank Regulations Based on Reputational Risk

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Senator Tim Scott, the ranking Republican on the Senate Banking Committee, has introduced a bill to prevent regulators from using reputational risk as a factor in supervising banks. The Financial Integrity and Regulation Management Act seeks to address concerns that financial institutions are avoiding certain customers due to political pressure or public perception. Tim Scott’s Banking Bill Aims to End Regulatory ‘Reputational Risk’ Policies The Wall Street Journal first reported the bill’s intr...