Fed Chair Powell Calls For Reevaluation Of Banking Exclusion

According to BlockBeats, on February 12, Federal Reserve Chair Jerome Powell stated that it is time to "reevaluate" the issue of banking exclusion, following criticisms that the cryptocurrency industry is being left out of banking services. During a Senate Banking Committee hearing on Tuesday, Committee Chairman Tim Scott (R-S.C.) asked Powell if he would be willing to collaborate to ensure that financial regulations do not impose "unnecessary burdens." Powell responded, "I commit to working with you, and we do strive to avoid excessive burdens. Frankly, I think it is fair to reevaluate the issue of banking exclusion." He added, "We do not intend for this to happen, but sometimes regulations lead to certain outcomes, and we need to improve on that." Scott also inquired if Powell would work with lawmakers to address the issue of banking exclusion, to which Powell agreed.