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INSIGHT: US Senate panel investigates whether banks, regulators deny services on political grounds

PROBE: U.S. Sen. Tim Scott (R-SC) listens while Federal Reserve Chair Jerome Powell testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on "The Semiannual Monetary Policy Report to the Congress," on Capitol Hill in Washington, U.S., July 9, 2024. REUTERS/Kevin Mohatt/File Photo

By Pete Schroeder

U.S. BANKS and their regulators were scrutinized by lawmakers as they examined claims that they deny services to particular industries or political groups.

The Senate Banking Committee held a hearing on what is commonly referred to as debanking, hearing testimony from subject matter experts and business owners who claim they were unfairly denied access to banking products.

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