Old Glory Bank President to Address Senate on Debanking Crisis
Old Glory Bank’s CEO to Speak at Senate Hearing on Debanking
Old Glory Bank, renowned for its commitment to financial integrity and consumer support, is set for a significant event. Mike Ring, the President and CEO of Old Glory Bank, has received an invitation to present before the Senate Committee on Banking, Housing, and Urban Affairs. The upcoming hearing, titled "Investigating the Real Impacts of Debanking in America," is attracting substantial attention and is an opportunity to delve into concerning financial practices.
The Focus of the Hearing
This important hearing will aim to understand the practice known as "debanking," where various financial institutions deny access to the banking system for specific individuals and businesses. This controversial issue has gained traction nationwide, largely owing to two significant initiatives: Operation Chokepoint 1.0, which aimed at affecting the firearms sector, and Operation Chokepoint 2.0, influencing the legal cryptocurrency industry. The Senate Committee plans to assess these matters thoroughly, evaluating any indications of undue regulatory pressure.
Chairman Tim Scott’s Remarks
Chairman Tim Scott of South Carolina spotlighted the essential nature of this hearing. He remarked that, "This hearing will provide an important opportunity to hear directly from Americans engaged in federally legal businesses who have faced the challenge of being debanked. It's an opportunity for the Banking Committee and the public to learn about any possible improper influences from financial regulators. Debanking is unacceptable and un-American — this hearing marks the first step toward accountability for these bad actors."
Old Glory Bank's Mission
Old Glory Bank was established as a market-driven response to the shunning of certain customers by larger financial institutions. Mike Ring stated, “We recognized a market opportunity to address the harmful practices of the big banks, which have previously denied services and improperly shared customer data with the government.” Through its operations, Old Glory Bank aims to offer inclusive banking solutions while advocating for privacy and the rights of individuals.
What to Expect from Mike Ring's Testimony
During his testimony, Mr. Ring intends to express his belief that the solution to the issue of debanking lies in fostering more banks. However, he will also highlight the challenges posed by current regulatory frameworks that hinder the establishment and operation of new financial institutions. His insights are anticipated to shed light on how the banking sector may be impacted by these regulatory conditions.
About Old Glory Bank
Old Glory Bank is an FDIC-insured institution that provides top-tier mobile banking solutions tailored for consumers and businesses alike. With a commitment spanning all 50 states, Old Glory Bank serves tens of thousands of clients, emphasizing the protection of their privacy and liberty. The founders are notable figures, including Dr. Ben Carson, former Secretary of Housing and Urban Development, and John Rich, a well-known country music artist and entrepreneur.
Stay Connected with Old Glory Bank
For those wanting to learn more or connect with Old Glory Bank, they can be found online and on various social media platforms, including X: @oldglorybank and Facebook: Old Glory Bank. The bank emphasizes its mission to support and stand with American citizens, making it a unique player in a contentious banking landscape. Old Glory Bank aims to create a safe space for all who feel marginalized by the existing banking framework.
Frequently Asked Questions
What is the purpose of the Senate hearing involving Old Glory Bank?
The Senate hearing aims to investigate the implications of debanking, where financial institutions deny access to certain individuals and businesses.
Who is testifying at the Senate hearing?
Mike Ring, the President and CEO of Old Glory Bank, has been invited to testify about his views on debanking.
What issues will the Senate Committee address?
The Committee will explore the pressures influencing debanking practices, particularly focusing on regulatory influences on financial institutions.
How does Old Glory Bank differentiate itself from larger banks?
Old Glory Bank positions itself as a response to debanking practices by larger institutions, advocating for consumer privacy and access to banking services.
What notable figures support Old Glory Bank?
Old Glory Bank was co-founded by prominent individuals, including Dr. Ben Carson and John Rich, who are advocates for freedom and patriotism.
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