Samsung's announcement follows recent Exxon Mobil decision to decamp from longtime home NJ for TX...part of a growing trend @RepKevinBrady@ForFreeMarkets
https://t.co/L9Tj5fCdHp
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:
I spent two decades working on security and counterterrorism issues. Reforming the Bank Secrecy Act does not mean ignoring criminal risks. It means modernizing laws to enable law enforcement to more effectively target threats.
Check out my latest in @dcexaminer on the broken BSA: https://t.co/7IQVirVPfY
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.
When states try overriding the national banking system, they often risk making things worse. This decision from @USOCC blocking the Illinois interchange fee law protects small businesses & consumers from exactly that outcome @ForFreeMarkets
👇👇
Consumers are about to pay the price for Illinois’ swipe fee law. The state’s Interchange Fee Prohibition Act aims to reduce costs, but will instead shift the costs to consumers, resulting in broader market distortions... Good piece by @leahmlocke https://t.co/YYk1edPCPq
"The U.S. has no Jones Act-eligible liquefied natural gas tankers serving U.S. domestic routes, leaving regions like New England reliant on imported fuel, including shipments from Trinidad and Tobago, even though abundant domestic supplies are closer." @KR_Bledsoe@AFPhq
My latest w/ @InsideSourcesDC 👇🏻
“Repealing or reforming the Jones Act would not solve every affordability challenge overnight. It would lower costs, strengthen energy security, and make American supply chains more efficient. In an economy where every dollar matters, that’s a practical step Congress should take.”
https://t.co/L6OAu9DFYT
Even the America First Policy Institute — a policy organization founded by former Trump administration officials — wrote recently, to “end the need for states to develop separate debanking legislation […] it would be far preferable for states to support a fair and uniform federal standard” and avoid a patchwork of inconsistent and conflicting rules.
South Carolina's Guarantee Banking Act (HB 5538/ SB 1069) will only create unnecessary duplication and potential conflicting rules with no benefits for South Carolina businesses or their customers. My latest:
https://t.co/L32AynvlpZ
🎯from Jessica Ward and @mattiasgugel@NTU
South Carolina’s Guarantee Banking Act...may end up hurting the very people lawmakers say they’re trying to help...Abide by federal rules, and risk getting sued under state law. Follow state law, and risk violating federal regulations. It’s a no-win scenario.
https://t.co/66HQgXbxEZ
In the longer term, the Hormuz crisis has dramatically bolstering the energy security case for striking trade and investment deals anchored by North American energy exports.