Americans for Free Markets

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[Americans for Free Markets @ForFreeMarkets]

For years, vague "reputational risk" concerns let regulators coerce banks into cutting off lawful customers.

Now, @federalreserve, @FDICgov & @USOCC have moved to scrap it entirely – a win whose implications reach far beyond bank audits.

Read @RichardMorrison's latest in @NRO:

[Richard Morrison @RichardMorrison]

Bank Regulators Finally Back Off ‘Reputational Risk’ Overreach: https://t.co/NvFjjF5TlD

[Nick Anthony @EconWithNick]

Shout-outs to @dlibsen for this thoughtful piece on the Bank Secrecy Act. https://t.co/4AsgnwuRhk

[Americans for Free Markets @ForFreeMarkets]

WATCH: @RepFrankLucas presses witnesses on FinCEN modernization at this week's @FinancialCmte/@USHouseFSC hearing.

Bottom line: outdated BSA/AML thresholds are drowning banks in noise, hampering their ability to serve consumers – while bad actors go undetected.

[Financial Services GOP @FinancialCmte]

WATCH: @RepFrankLucas questions witnesses on what would it mean for banks and consumers if FinCEN modernized CTR and the SAR thresholds, to which Mr. Court answers:

“Modernizing the thresholds would certainly help, right? Currently we have thresholds that are way too low that are creating just too much volume, too much noise. I would say further though that is probably on the margins, honestly, what the proposed rule is trying to do and what the AMLA instructed the federal government to do six years ago was to try to get the boot of the federal bank examiners off the neck of the people inside the banks who are trying to fight financial crime. And unfortunately, you've had six years where nothing was done. So we've been living with the status quo. This proposal gives us the opportunity, hopefully for the first time, to redirect the regulation that instructs the examiners.”

📺⬇️

[Americans for Free Markets @ForFreeMarkets]

Banks filed 28.7 million reports under the BSA in FY2025 – 78,000 every single day. The result? Just around 275 IRS criminal investigations.

That's not an effective approach to catch financial crime. That's a noise machine that drowns out real threats.

@dlibsen in @dcexaminer:

[Washington Examiner @dcexaminer]

OP-ED: Under the Trump administration, Washington has taken meaningful steps to reform the outdated policies that have contributed to politically motivated debanking. https://t.co/tS3971u8mV

[Americans for Free Markets @ForFreeMarkets]

The Bank Secrecy Act was supposed to fight crime. Instead, it's been fighting paperwork.

This week's @FinancialCmte/@USHouseFSC hearing on modernizing BSA reporting is exactly the oversight Washington needs.

@Rep_Davidson on the need to implement long-overdue BSA reform:

[Rep. Warren Davidson @Rep_Davidson]

Today I chaired the Financial Services Subcommittee on National Security & Illicit Finance. The hearing focused on modernizing the Bank Secrecy Act, which has governed AML reporting since 1970.

After 55 years, the BSA produces mountains of paperwork that invade Americans' privacy and rarely catch criminals. We are evaluating reforms.

[Nick Anthony @EconWithNick]

I'm testifying today.

The Bank Secrecy Act has created a financial surveillance regime that violates our privacy, increases the cost of banking, and doesn't stop crime.

[Americans for Free Markets @ForFreeMarkets]

.@EconWithNick testifies before @FinancialCmte/@USHouseFSC today on the need for modernizing the outdated Bank Secrecy Act.

Read more here on why the status quo isn’t working:

[Nick Anthony @EconWithNick]

Despite the most recent estimate that financial institutions spend $59 billion a year complying with the Bank Secrecy Act and filing more than 28.7 million reports on customers to the government, the reports initiated only around 275 criminal investigations. https://t.co/EyWF7DCQ7i

[Americans for Free Markets @ForFreeMarkets]

Tomorrow, @FinancialCmte/@USHouseFSC examines the Bank Secrecy Act, a law written decades ago that needs to be updated to fit the needs of our financial system today.

More here on what experts say on the need for reform and legislation like the STREAMLINE Act to achieve this:

[Americans for Free Markets @ForFreeMarkets]

South Carolina doesn't need more bureaucratic red tape. It needs a consistent national standard.

Executive Director @dlibsen joined @PointRadioSC to discuss why a federal solution – led by @SenatorTimScott's FIRM Act – is the right path forward, not a 50-state patchwork:

[Americans for Free Markets @ForFreeMarkets]

REIN IT IN: Unelected bureaucrats shouldn't decide who gets a bank account.

A national fair access standard — NOT a patchwork of state laws — is the right solution for American businesses and consumers. More from @A1Policy:

[Americans for Free Markets @ForFreeMarkets]

State-by-state debanking legislation creates inconsistent, conflicting rules that burden community banks and consumers.

One clear federal standard ensures consistent, fair access to banking for all Americans. @A1Policy lays it out:

[Americans for Free Markets @ForFreeMarkets]

BAD FOR BIZ: South Carolina’s community banks & small businesses could face higher costs under a new state mandate.

Supporting @POTUS & @SenatorTimScott’s federal solution to end government-driven debanking is the best way to protect SC’s economy.

@dlibsen in @PointRadioSC:

[Americans for Free Markets @ForFreeMarkets]

South Carolina is the fastest-growing state in the country – built on a pro-growth, limited red-tape environment.

@dlibsen explains in @PointRadioSC why a new state banking bill could raise costs and undermine the free market while federal reforms are already underway:

[Americans for Free Markets @ForFreeMarkets]

Executive Director @dlibsen testified before South Carolina legislators — urging them to support @POTUS & @SenatorTimScott’s federal efforts to end government-driven debanking, warning that the Guarantee Banking Act could stifle progress & increase costs.

See what he said:

[Americans for Free Markets @ForFreeMarkets]

.@RSI breaks it down: the @WhiteHouse’s AI framework calls for a “minimally burdensome” national standard, not a fragmented system of state-by-state mandates that risk holding innovation back.

Read their latest report:
https://t.co/hs5PPvENR1

[Americans for Free Markets @ForFreeMarkets]

A new @RSI report highlights why the @WhiteHouse’s national AI framework matters – without it, conflicting state laws could throw a wet blanket on innovation.

Read why commonsense policy is key for AI innovation: https://t.co/hs5PPvENR1

[Americans for Free Markets @ForFreeMarkets]

ICYMI: @GovernorKayIvey recently issued an executive order in support of @POTUS’ leadership to ensure fair access to banking services for all Americans.

We applaud Alabama’s work to follow the Trump administration’s lead in safeguarding consumers and enacting protections to rein in government-driven debanking at the federal level.

[Governor Kay Ivey @GovernorKayIvey]

✍️: To further support @POTUS’ efforts to curb debanking, I have signed an executive order to ensure fair access to financial services.

No person should be denied access due to their beliefs, political views or engagement in lawful activity. #alpolitics

https://t.co/XAaoWkIbPx

[Washington Times Opinion @WashTimesOpEd]

Read more: https://t.co/5KBWDG8LAR

“[Americans] don’t want regulators playing favorites or punishing businesses for political reasons,” argues David Ibsen @ForFreeMarkets

[Washington Times Opinion @WashTimesOpEd]

“When regulatory standards shift with the political winds, everyone loses. Entrepreneurs hesitate to innovate. Lenders restrict credit. Communities lose access to financial services,” writes David Ibsen @ForFreeMarkets https://t.co/vZYV7dXrsf

[Americans for Free Markets @ForFreeMarkets]

.@POTUS’ market-driven AI framework supports innovation while setting clear, consistent guidelines across the U.S.

Without a federal standard, conflicting state laws could slow growth and weaken our nation’s competitive advantage.

More on why we’re applauding the framework: