House Committee on Financial Services Chairman French Hill (AR-02) issued the following statement in following President Trump issuing an executive order on debanking of lawful businesses:
“Targeting Americans for their political beliefs undermines the freedoms our country was built upon and should have no place in our financial system,” said Chairman Hill. “I commend President Trump for taking decisive action to protect all Americans from politically motivated financial discrimination. The president’s executive order is an important step toward restoring fairness and accountability in our banking system, and the House Financial Services Committee will continue its work to investigate and prevent debanking for lawful businesses.”
Background:
On April 29, 2025, the Subcommittee on Financial Institutions, led by Subcommittee Chairman Barr, held a hearing to examine regulatory overreach and debanking.
On February 20, 2025, Chairman Hill, Subcommittee Chairman Dan Meuser (PA-09), Subcommittee Chairman Andy Barr (KY-06), and Subcommittee Chairman Bryan Steil (WI-01), sent a letter to Federal Deposit Insurance Corporation (FDIC) with recommendations to help clarify digital asset regulations and prevent debanking.
On February, 6, 2025, the Subcommittee on Oversight and Investigations, led by Subcommittee Chairman Meuser, held a hearing to discuss debanking efforts under the Biden-Harris Administration.
On May 21, 2025, the Committee passed H.R. 2702, the FIRM Act, with bipartisan support, to remove reputational risk from bank supervision. This bill directly aligns with the Federal Reserve’s recent decision to remove reputational risk from their exam process.
In March and April 2023, then-Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill, then-Oversight and Investigations Subcommittee Chairman Bill Huizenga, and former Chairman Patrick McHenry sent multiple letters to the Chair of the Board of Governors of the Federal Reserve System, Jerome Powell, then-Chairman of the Federal Deposit Insurance Corporation (FDIC), Martin Gruenberg, and then-Acting Comptroller of the Currency, Michael Hsu, requesting information related to potential coordinated efforts by the agencies to deny banking services to digital asset firms and the ecosystem as a whole.
In March 2023, then-Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill held a hearing to highlight the Biden Administration’s Attack on the Digital Asset Ecosystem.
