{"id":345898,"date":"2023-03-24T12:20:04","date_gmt":"2023-03-24T16:20:04","guid":{"rendered":"https:\/\/www.sgtreport.com\/?p=345898"},"modified":"2023-03-24T00:57:36","modified_gmt":"2023-03-24T04:57:36","slug":"watch-federal-reserve-head-is-questioned-on-controversial-debanking-of-disfavored-individuals","status":"publish","type":"post","link":"https:\/\/www.sgtreport.com\/2023\/03\/watch-federal-reserve-head-is-questioned-on-controversial-debanking-of-disfavored-individuals\/","title":{"rendered":"Watch: Federal Reserve head is questioned on controversial \u201cdebanking of disfavored individuals\u201d"},"content":{"rendered":"

by Tom Parker, Reclaim The Net<\/a>:<\/em><\/p>\n

\"\" Quizzed on claims that the federal government is weaponizing the banking system.<\/p>\n

During a recent House Committee hearing, Chair of the Federal Reserve Jerome Powell was grilled on \u201cOperation Choke Point 2.0\u201d \u2014 an alleged Biden administration effort that Rep. Warren Davidson (R-OH) described as being \u201cparticularly focused on debanking people that are disfavored by\u2026the current\u2026executive branch.\u201d<\/p>\n

TRUTH LIVES on at\u00a0https:\/\/sgtreport.tv\/<\/a><\/p>\n

Rep. Warren Davidson (R-OH)\u00a0told Powell<\/a>\u00a0that he’d spoken with multiple bankers who said \u201cthey’ve never seen a higher degree of regulatory burden, steering guidance, shaping activities in the market from regulators.\u201d<\/p>\n

He attributed this heightened scrutiny to\u00a0Operation Choke Point 2.0<\/a>\u00a0\u2014 a reference to an alleged extension of\u00a0Operation Choke Point 1.0<\/a>. The first Operation Choke Point was an Obama-era debanking effort that began in 2013 and attempted to prevent gun dealers, payday lenders, and other companies that were deemed to be \u201chigh risk\u201d from accessing banking services. Some people in the cryptocurrency industry claim that Operation Choke Point 2.0 is now being carried out by the Biden adminsitration and is primarily focused on deterring banks from doing business with cryptocurrency firms.<\/p>\n

\u201cWhen people really feel like some third party is going to steer or shape their money, they don’t trust it,\u201d Davidson added. \u201cI mean the unbanked and the underbanked fundamentally that’s lack of trust is part of why they don’t use our banking system today. In fact, that’s part of the appeal of the digital asset space\u2026the permissionless nature of it.\u201d<\/p>\n

Davidson continued by suggesting that lots of people working in the financial services space \u201cfeel threatened by the prospect of change\u201d and are attempting to restrict access to services such as cryptocurrency.<\/p>\n

\u201cThey’ve maybe reluctantly concluded that you can’t ban crypto,\u201d Davidson said. \u201cThey at least want to keep it account based so some third party can actually control the assets which is a polite way of saying, \u2018We don’t actually trust our citizens to control their money or their assets, we’ll let somebody else do it for them because we can control those third parties.’\u201d<\/p>\n

Davidson then pressed Powell on whether financial regulators use their powers to control third parties.<\/p>\n

\u201cIf you don’t comply with the regulatory regime, you don’t get to operate a financial services business, right?\u201d Davidson asked Powell.<\/p>\n

\u201cThat’s right,\u201d Powell confirmed.<\/p>\n

Davidson followed up by quizzing Powell on his recent remarks about digital assets posing a systemic risk to the financial system.<\/p>\n

Powell defended the comments by insisting that \u201cwe don’t want regulation to oppose innovation and thus entrench incumbents\u201d but arguing that \u201cpermissionless blockchains\u2026have been vehicles for fraud.\u201d<\/p>\n

Davidson pushed back by noting that the Federal Reserve’s own report on fraud claimed that blockchain-based fraud was 0.24% \u2014 a stat that Davidson said represents \u201ca fraction of what it is with the US dollar.\u201d<\/p>\n

Read More @ ReclaimTheNet.org<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

by Tom Parker, Reclaim The Net: Quizzed on claims that the federal government is weaponizing the banking system. During a recent House Committee hearing, Chair of the Federal Reserve Jerome Powell was grilled on \u201cOperation Choke Point 2.0\u201d \u2014 an alleged Biden administration effort that Rep. Warren Davidson (R-OH) described as being \u201cparticularly focused on […]<\/p>\n","protected":false},"author":6,"featured_media":345900,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[151227],"_links":{"self":[{"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/posts\/345898"}],"collection":[{"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/comments?post=345898"}],"version-history":[{"count":0,"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/posts\/345898\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/media\/345900"}],"wp:attachment":[{"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/media?parent=345898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/categories?post=345898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/tags?post=345898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}